India ($INP) are showing a bit more relative strength. As such, we plan to re-enter India as a swing trade through $INP. Below is the weekly chart of $INP:
The daily chart below shows support at the $60 area, which is convergence of the prior breakout pivot and 50-day MA. With $INP pulling back to the 50-day moving average, we have a low-risk entry to establish partial size. A stop can be placed below the 50-day moving average (plus some “wiggle room”). If the uptrend is to resume, $INP should hold the 50-day moving average and work its way higher over the next few weeks:
Although $INP trades with lower volume, its relative strength over the other ETFs is clear. $INP tested the highs of 2012, while $EPI stalled 5% short of its 2012 high.
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