It’s time to put the Emerging Markets (NYSEARCA: EEM) on your radar. Although the near-term trend is down, the broader price pattern is taking the shape of a bullish flag pattern.
And a breakout here would signal a trend change. Let’s look at the chart… As you can see, there is a potential bull flag pattern in play for the hard-hit Emerging Markets ETF (EEM). If it breaks out at (2), it should attract buyers.
The latest bounce comes off of quadruple support at (1). A breakout above channel resistance would be very bullish near-term. While another thrust lower would keep bears in control.
If EEM support breaks at (1), it would send a concerning message to stock bulls around the world. Stay tuned to what this key sector does in the near future!
This article was first published on See It Markets.com. To see original post CLICK HERE
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