Opportunity in This Emerging Markets ETF

04/07/2010 12:01 am EST

Focus: ETFS

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.



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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