Thursday, July 14, 2016

Emerging Markets (EEM): Unleash The Kraken!!

A chart I've been ignoring for far too long after I had written about it so often a few weeks back is Emerging Markets ETF (EEM). For a while I had been commenting on the condensing triangle it had been in which had repeatedly rejected any upwards advances for around a month, but finally four session ago broke out.
This is a very bullish omen for Emerging Markets, however glancing at the weekly chart a large bearish ascending wedge is developing. I can't say for certain where this might this might have a reversal because very little resistance appears between $36.00 and $38.00.