MVedra
Short

EEM - bearish formation / to fall below $45

AMEX:EEM   ISHARES MSCI EMERGING INDEX FUND
EEM             has today:

a) dropped -1.8% on the day to complete a bearish Head and Shoulders pattern
b) the relative strength has been declining since October
c) the RSI is now below 50
d) the 2 days ( 6th             and 7th Dec) that traded below 45.5 were early signs of a reversal, taking out the higher lows that were the hallmarks of 2017

Short-term target $44.

Trade closed: stop reached
We have almost the same analysis, but I have the H&S base using the Dec 6 & 7 mins, so I have the neck breakdown at 44.9 with a target of 42
Reply
MVedra isaacmo84
@isaacmo84, you could be right. I think Dec 6 & 7 would have sucked all the early shorts in (and taken out the longs who had stops just below $45.50). Yesterday's green bar would have made some investors think to re-enter long or close shorts. I'm still OK to stick with the $45.50 level because its been such a heavily traded area.. the 4 days it sat there on the 19th September is telling. I do like your $42 target
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out