IEV - Looking to breakout

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Today I’m looking at the chart for IEV             - the iShares Europe ETF             . European stocks have been performing quite well due to the asset purchase program the European Central Bank announced earlier this year. This has driven yields on European debt into the negative, forcing investors to search for value elsewhere. Equities have been the beneficiary of this new inflow of capital, and stock prices have increased. Although IEV             is up roughly 7% YTD and is outperforming the S&P             , it has lagged the European equity market in general.

Taking a look at the chart we are trading up here right under $46. Clearly in a bullish uptrend since we made a double bottom on January 7th. I like how all the moving averages are coming together here with the 50 day and the 200 day on track for a golden cross if the bulls can keep the price up. RSI helping our case here, also showing a bullish uptrend with plenty of more room to run. $46 is an important price for the stock here, I like a trade to the long side with a break through this huge amount of supply. I’ll put my stop at $44.50 right at the 50 moving average . My target here for the stock with a break and close above $46 would be the old highs at $50.50.
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