PowerShares Listed Private Equity ETF (PSP) Setting Up For New Highs

ETFsMorpheus Trading: Since stalling out at the prior highs of 2011, PowerShares Listed Private Equity (NYSEARCA:PSP) has been consolidating in a tight range. If $PSP can clear the highs of 2011, it could potentially run to $16 with little overhead resistance. This is shown on the long-term monthly chart below:

$PSP BREAKOUT

On the shorter-term daily chart below, we see a pretty tight range has developed above all the major moving averages. The price action has tightened up nicely, along with higher lows in the base. The 20-day EMA has crossed back above the 50-day MA (bullish moving average crossover) and both indicators are trending higher.

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