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Friday, March 29, 2024

Emerging Markets about to Submerge?

Courtesy of Chris Kimble

 

Emerging Markets (EEM) has done well this year, gaining over twice as much as the S&P 500 (17% -vs- 7%). These gains have Emerging markets facing resistance dating back to the highs in 2008 and a couple of other important resistance lines in the chart below.

Emerging markets monthly (EEM) kimble charting solutions

 

Emerging markets have been a downside leader since 2008 and an upside leader since early 2016. EEM is testing triple resistance with momentum lofty.

If support would give way at (2), selling pressure could pick up speed, leaving room for Emerging markets to “submerge!” Important price point at (2) for this key market. The tight jam EEM finds itself at right now, could create a good deal of movement, when it resolves this narrowing pattern!

Bulls so much need EEM here to breakout to the upside!

This information is coming to you from Kimble Charting Solutions. This is the home of the Power of the Pattern where we provide concise, timely and actionable chart pattern analysis and commentary so in very little time you know the pattern at hand and action to take.   We are honored by your interest in our chart pattern analysis.  

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