ISHARES MSCI 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), listed on the New York Stock Exchange.
The benchmark for the Emerging Markets performance, the iShares MSCI Emerging Markets Index ETF (EEM) rebounded from the 200-day moving average at 42 levels and reached the upper boundary of its year-long sideways consolidation at 44.4 levels. Without a breakout on China equity benchmarks the Emerging Markets ETF will not get out of the woods. Having said that this week’s price action was promising both on China equity benchmarks and EEM ETF. Price action is still showing sideways consolidation. Breakout above 44.4 levels will be very positive for Emerging Markets. The consolidation can act as a bottom reversal (double bottom) or (symmetrical triangle reversal). Data as of December 16, 2019.
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