Saturday, June 27, 2009

EEM (iShaares MSCI Emerging Markets) - The Uptrend is intact

The trend channel is intact but the momentum seems to be fading.

The obvious in the weekly chart is he consolidation range 30 - 35.

The recent correctiong was held by the 55-Week MA and the previous Gaps also indicate the importance of the 30 level. The upside bouncesd off the failed test of the 200-Week MA just shy of 35. Not much to offer until one of the range ends gives way.

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