We stopped out of WisdomTree India Earnings Fund ($EPI) last week, near the break-even level, when it failed to hold near-term support of its 20-day exponential moving average. We still like the weekly and daily chart patterns in $EPI; however, the charts of the iPath MSCI India ($INP) are showing a bit more relative strength. As such, we plan to re-enter India as a swing trade through $INP. Below is the weekly chart of $INP:



The daily chart below shows support at the $60 area, which is convergence of the prior breakout pivot and 50-day MA. With $INP pulling back to the 50-day moving average, we have a low-risk entry to establish partial size. A stop can be placed below the 50-day moving average (plus some "wiggle room"). If the uptrend is to resume, $INP should hold the 50-day moving average and work its way higher over the next few weeks:



Although $INP trades with lower volume, its relative strength over the other ETFs is clear. $INP tested the highs of 2012, while $EPI stalled 5% short of its 2012 high.

Deron Wagner is the Founder and Head Trader of both Morpheus Capital LP, a U.S. hedge fund, and MorpheusTrading.com, a trader education firm.