We keep wondering when the global economy is going to improve. Well, India has been on a tear for a while. China, Russia and Brazil have not been able to break out. That might be changing. Here is the chart for the iShares BRIC Countries (BKF).
Almost every indicator with the exception of the MACD is surging to new highs. I specifically like the long Full Stochastics finally breaking out. The SCTR ranking has moved to almost 90%. Top quartile ETFs can run for a while. We'll see if that happens here, but last weeks breakout to new 52 week highs is bullish. The Money Flow has been positive for its longest run in the last 5 years.
Good trading,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
Learn More
