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A Look At The Weekly and Daily Chart Patterns of The WisdomTree India Earnings Fund (EPI)

February 13th, 2013

sellbuyWe stopped out of WisdomTree India Earnings Fund (NYSEARCA:EPI) last week, near the break-even level, when it failed to hold near-term support of its 20-day exponential moving average. We still like the weekly and daily chart patterns in $EPI; however, the charts of the iPath MSCI India ($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:

$INP WEEKLY

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:


$INP pullback to 50ma

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.

The above commentary is a shortened version of The Wagner Daily, our short-term stock and ETF trading newsletter. To receive preset and exact entry, stop, and target prices of our top swing trade stock picks, click here to get started with your 30-day risk-free subscription today.


NYSE:EPI


 

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