PIN was recently “able to close above the resistance of the 200-day moving average for the first time in quite a while. This close is a very bullish signal to bulls because this could be an early signal of a significant trend reversal. As was the case on the chart of EWT, the price successfully retested the major resistance level before moving higher. The recent move off of the trendline (shown by the blue arrow) is another sign that the trend is reversing,” according to Investopedia.
Over the short-term, India has benefited from cheap energy prices as the country is one of the largest importers of crude oil. Looking further out, economic reforms, including more business-friendly and growth-oriented policies, could help support growth over the medium-term.[related_stories]
PowerShares India Portfolio