Here’s why you should be bullish on India $INDA – April 11, 2024
This is Scott with StockMarketMentor.com and your Chart of the Day. I want to take a quick look at India ( BATS: INDA ).
Now, 7 months ago I talked about this ETF, and I mentioned it around this time here, right around August-September. If I bring in the video here from Stock Market Mentor, this is Stock Market Mentor on YouTube. You can see, 7 months ago I mentioned India ( BATS: INDA ) looked close to a breakout.
Now, I didn’t get it perfectly because as you see it ultimately broke down. But then in November it started to firm up, and ever since then it’s been just on a tear, riding up these moving averages, both the 8-day, the 21-day, and the 50-day If I zoom into today, I think this chart actually, still looks good.
And so, I think, you should definitely still be bullish on India ( BATS: INDA ). By the way, a big shout out to my friend Steve Burns who mentioned India ( BATS: INDA ) on Twitter. I was like, oh yeah, I forgot, what’s India ( BATS: INDA ) doing these days? And so I brought up this chart here today and I think it looks fine.
I actually think this looks very bullish, and look at the volume here. Just in the last couple of days, we had some of the highest volume that the India ETF ( BATS: INDA ) has ever had, at least on the bull side. We had some bearish volume here in 2022. But let’s be honest, everything was bearish in 2022.
Now here we are in 2024, and I think that this chart pattern still looks great. I like the fact that we are right near some previous highs. If you’ve seen my videos before you know I like looking for moves through previous highs, coming on higher than average volume.
And so I definitely think it makes sense to keep an eye on the India ETF ( BATS: INDA ) for a breakout above this level right here, that’s around 52.45, for a strong move through there, coming on volume. It’s nice here because you’re close to the 8-day exponential period moving average.
You could take a small position here and then look for that breakout higher. And if it breaks down under the 8-day. Maybe it’s just a small little paper cut before it sets up and gives you another chance. But definitely keep an eye on India ( BATS: INDA ).
This has been working for a while, and if I zoom out you can see, she’s at all times. And if you’ve been trading for a while you know, things that make new highs tend to keep making them. So we want to see the India ETF ( BATS: INDA ) break out to a new high here and continue to go.
Free Chart