EEM pushes through Wednesday's high


iShares MSCI Emerging Markets ETF (EEM) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

EEM dominated by bulls lifting the market higher throughout the day
EEM closes higher for the 3rd day in a row
EEM pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, EEM ended Thursday at 35.36 gaining $1.29 (3.79%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 34.53, the ETF confirmed its breakout through the previous session high after trading up to $0.91 above it intraday.

Daily Candlestick Chart (EEM as at Mar 26, 2020):

Daily technical analysis candlestick chart for iShares MSCI Emerging Markets ETF (EEM) as at Mar 26, 2020

Thursday's trading range has been $1.16 (3.38%), that's slightly below the last trading month's daily average range of $1.29. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for EEM.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, EEM actually lost -8.64% on the following trading day.

Prices are trading close to the key technical resistance level at 36.70 (R1).

Although EEM ETF is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for EEM ETF. Out of 248 times, EEM closed higher 53.23% of the time on the next trading day after the market condition occurred.


Market Conditions for EEM as at Mar 26, 2020

Loading Market Conditions for EEM (iShares MSCI Emerging Markets ETF)...
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