Chart of the Day - Thursday, October 10, 2024

Patrick Dunuwila
October 10, 2024

Chart of the Day


🏆  Today's Chart of the Day was shared by Jonathan Harrier (@jonathanharrier).
 

  • After a record-breaking three-week rally, Chinese equities have pulled back sharply this week.
     
  • The popular China Internet ETF ($KWEB) has fallen -9.7% this week after surging +51% in the prior three weeks. Despite this week's sharp decline, $KWEB has retraced less than a third of its rally. 
     
  • Jonathan points out that many Chinese names, including $KWEB, are still above rising short-term moving averages even after this inevitable pullback. 
     

Takeaway: There's much less enthusiasm for Chinese stocks this week, but the short-term trend remains higher after a well-deserved pullback.   

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