Opportunity in This Emerging Markets ETF
04/07/2010 12:01 am EST
PowerShares DWA Emerging Markets Technical Leaders Portfolio (PIE) - This exchange traded fund (ETF) seeks to mirror the price and yield performance of the Dorsey Wright Emerging Markets Technical Leaders Index.
Since March 2009, the fund has doubled as it closely tracked its 50-day moving average from under $8 to $16. Now, however, it has broken from the pattern on high volume through a double top with successive breakaway gaps.
PIE appears to be a solid trade with an objective of $19 to $20. A stop loss should be entered at $14.50.
By Sam Collins of OptionsZone.com