It’s time to put the Emerging Markets (NYSE:EEM) on your radar. Although the near-term trend is down, the broader price pattern is taking the shape of a bullish flag pattern.
And a breakout here would signal a trend change. As you can see on the chart, there is a potential bull flag pattern in play for the hard-hit Emerging Markets ETF EEM. If it breaks out at (2), it should attract buyers.
The latest bounce comes off of quadruple support at (1). A breakout above channel resistance would be very bullish near-term. While another thrust lower would keep bears in control.