India looks close to a break out. $INDA – September 7, 2023
This is Scott with your Chart of the Day. I want to take a look at India ( BATS: INDA ), the country India, this is the iShares MSCI India Index.
I don’t know too much about India, to be honest, I live in Canada. I do have some friends who are from India, business owners, and my neighbors, next door actually. And so I do have a general sense of the people, love the people. And obviously, we have the news of India landing on the moon, which is pretty amazing.
As I was scanning through some of my ETFs today, I saw the India ETF ( BATS: INDA ), and I will be honest, this chart looks pretty good. It has been on a nice uptrend since March. It ran up that orange line, that’s the daily 8 exponential period moving average. A few dips underneath, they brought it back up, and it just kept going, and going, and going.
Recently, we had a test of the red line, which is the 50-day moving average. It successfully tested that area and is marching towards the high from back here in July. And so, I think India ( BATS: INDA ) could be on the brink of a breakout if it is able to get above and stay above, let’s say that 44.75 level, somewhere around there.
I am going to set an alert on my software, right around that 44.75, and look for a strong move through that level, coming on volume. Now, this doesn’t move a lot, so I think it is probably more or less for a long-term position trade or that kind of thing. It is not really kind of a swing trade idea.
But if you are looking to diversify into, maybe, other countries that you can’t exactly buy their stocks because they are not listed on the Nasdaq or whatever, I would definitely check out the INDA ( BATS: INDA ) ETF and look for that break out above 44.75.
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