EEM ends the day indecisive
iShares MSCI Emerging Markets ETF (EEM) Technical Analysis Report for Dec 04, 2019 | by Techniquant Editorial Team
EEM ended Wednesday at 42.63 gaining $0.32 (0.76%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EEM as at Dec 04, 2019):
Wednesday's trading range has been $0.13 (0.3%), that's far below the last trading month's daily average range of $0.25. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EEM.
Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji. The last time a Southern Doji showed up on October 2nd, EEM gained 1.29% on the following trading day.
Prices are trading close to the key technical support level at 42.35 (S1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.