The Emerging Markets ETF (EEM) did something this week it has been unable to do numerous times over the past five years. Below look at the price pattern of EEM over the past 10 years.
CLICK ON CHART TO ENLARGE
EEM has done well since the start of 2016, reflecting gains much stronger than the S&P 500. Over the past five years, EEM has little to brag about, as the gains have been pretty much non-existent.
This week EEM was able to put in a “weekly close” above highs at its resistance zone (1) above. This breakout is a positive price signal and could attract buyers due to the breakout. The next key upside test for EEM comes in at the $50 zone, around 10% above current prices.
Leave A Comment