EMERGING MARKETS ETF (EEM)
Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the review section the iShares MSCI Emerging Markets Index ETF (EEM)
The iShares MSCI Emerging Markets Index ETF rebounded from previous lows around 38 levels. Resistance at the minor high and the 200-day moving average are overlapping at 42.2 levels. Breakout above that level will turn the outlook to bullish. At that point I will weigh the possibility of a double bottom completing on the EEM. I still look for more evidence that would suggest a trend reversal. Until now the price action can be analyzed as a re-test of the long-term average.
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