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

Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to services@kimblechartingsolutions.com for details to get set up.

Twitter:  @KimbleCharting

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.

Sign up for our FREE newsletter
and receive our best trading ideas and research