Bullish Triangle in Emerging Markets
The iShares Emerging Markets ETF is one of the most active symbols for tracking global growth. It rallied hard in the fourth quarter, stalled in February and has been consolidating since.
Now some interesting patterns may be appearing on the chart.
First, EEM dove below $52 a month ago but quickly snapped back. It formed a “kicker” candlestick pattern in the process.
That was followed by a series of higher lows under $54.50. The result is a bullish triangle that’s squeezed into an increasingly tight range.
Third, the consolidation has occurred along the 100-day simple moving average (SMA) and below the 50-day SMA.
Next, the 8-day exponential moving average (EMA) just rose above the 21-day EMA. That’s often used as a signal for shorter-term momentum truing more bullish.
Finally, MACD has been steadily rising all month.
Traders may want to watch for a potential breakout from this range.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Now some interesting patterns may be appearing on the chart.
First, EEM dove below $52 a month ago but quickly snapped back. It formed a “kicker” candlestick pattern in the process.
That was followed by a series of higher lows under $54.50. The result is a bullish triangle that’s squeezed into an increasingly tight range.
Third, the consolidation has occurred along the 100-day simple moving average (SMA) and below the 50-day SMA.
Next, the 8-day exponential moving average (EMA) just rose above the 21-day EMA. That’s often used as a signal for shorter-term momentum truing more bullish.
Finally, MACD has been steadily rising all month.
Traders may want to watch for a potential breakout from this range.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
