Asian, Emerging Markets and Singapore get burnt

The MadScientist’s Journal

This is dedicated to the four markets that have been beaten and burnt, all of which hit their downside targets this past week. So what would be in store for these markets, more downside risks and pain, or an opportunistic technical rebound from extreme oversold conditions? Let us see…

FXI, the China ETF, had been very volatile in recent months and having failed the weekly 55EMA, it struggled to sustain the breakdown out of a range. Alas, this week, it was battered into a previously marked downside target zone, and is likely to reach the next downside target, another -5% lower.

The Nifty50 ETF, INDY, has had a terrible four weeks of late, and resting just above a support (formed by a previous Gap & Run). Slightly oversold, if the support can hold, it would be a possible consolidation for INDY. Else, a breakdown of the support line would see…

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