Breakout For Emerging Markets ETF (EEM) Would Attract Buyers!

In 2007, the Emerging Markets ETF (EEM) was at all-time highs… a little over a year later and it fell 50 percent.

Fast forward to today, and the $EEM Emerging Markets ETF is trading near all-time highs and looking for a major breakout.

Looking at the “monthly” chart below, you can see the 2007 highs marked by (1). It’s been a wide sideways slog for $EEM, but the ETF is trading up against those highs again and looking to break free and into “free air”.

The monthly chart offers a great deal of perspective. While price has made new all-time highs, the monthly closing price has remained near the 2007 highs (see a couple of wicks that poked above). Bulls really want to see a strong candle with a closing price ABOVE the 2007 highs.

Should $EEM break free of the 2007 resistance at (2), it would likely attract a good deal of buyers. Stay tuned!

$EEM Emerging Markets “Monthly” Chart

emerging markets etf eem breakout new highs forecast investing chart

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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