Emerging Markets ETF Could Attract Buyers If It Breaks Out

By Chris KimbleETFsJun 24, 2021 03:27PM ET

www.investing.com/analysis/emerging-markets-etf-could-attract-buyers-if-it-breaks-out-200588104

Emerging Markets ETF Could Attract Buyers If It Breaks Out

By Chris Kimble | Jun 24, 2021 03:27PM ET

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EM ETF Monthly Chart.

In 2007, the iShares MSCI Emerging Markets ETF (NYSE:EEM) was at all-time highs. A little over a year later and it fell 50%.

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

Looking at the “monthly” chart above, 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.

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Comments (1)

Jonathan Nelson Jun 24, 2021 7:10PM ET

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Given the resurgence of Covid and the net effect it continues to have on the emerging market, I would be cautiously optimistic here. I see this one range bound around until we’re out of the woods with Covid. I do not hold a position.

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Emerging Markets ETF Could Attract Buyers If It Breaks Out

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