FXI headed to 41.8

A reader requested a chart for FXI aka the Xinhua China Index, here's my technical analysis:

Back at the beginning of the year, FXI failed a backtest of the drawn sloped trendline and has dropped since. Currently, it's right at support at 39. It's forming a base at the 39 level and could reverse from here, but I can also see FXI dropping to 36 and finding support there. Upside targets are shown. The drop in volume indicates the down move is over and overall technically this is a good place to go long FXI. Thanks for pointing it out