YINN – Direxion Daily FTSE China Bull 3X Shares

YINN, which seeks daily investment results of 300% of the performance of the FTSE China 50 Index and provides leveraged exposure to the Chinese large-cap sector, was the top levered ETF last week, supported by a recovering economy.

YINN at the moment offers an interesting and rather convincing technical pattern (see above), bolstered by Chinese economic reopening and its new payment intermediary role in the region. The ETF’s price may go as high as $72 before a downward correction would occur.

The Caixin China General Services PMI increased to 57.8 in March 2023 from 55.0 in February, pointing to the fastest pace of expansion in activity since last November 2020, boosted by a sharp rise in new orders and employment, following the recent easing of Covid-19 measures. New orders rose at the fastest pace in 28 months, with new export business expanding at the quickest rate since the series began in September 2014.