One of the emerging markets with a clearly bullish looking chart pattern is India. There are several ETFs available for trading: PIN, INDA, IFN, SCIF, INDL to name but a few. The PIN – Powershares India Portfolio ETF has formed a bullish weekly flag continuation chart pattern. It looks like a break out to the upside is imminent. The ABC pattern I highlighted would imply a price target around 25 – 26$. That would coincide with a touch of the long term trend line you can see on the chart.
Click on chart to enlarge:
For all things related to India, trading and trading psychology I read Sudarshan Sukhani’s ‘Trading Steps’. This is the only website from India I follow. I recommend it.
Happy Independence Day India!
We owe a lot to the Indians, who taught us how to count, without which no worthwhile scientific discovery could have been made. – Albert Einstein
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