Emerging Markets ETF Positioned for Acceleration - Mid-Day Minute for Tue April 1st 2008

Apr 01

Emerging Markets ETF Positioned for Acceleration

by Mike Paulenoff, Tue April 1st, 2008

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Emerging Markets ETF Positioned for Acceleration
By Mike Paulenoff, www.MPTrader.com

Today's up-gap open in the EEM and powerful upside follow-through has positioned the price structure for acceleration towards a 142-145 next target zone. I view all of the action off of the 3/17-3/20 double-bottom lows (124.86-124.78) as a near-term base formation that initially found resistance at 133.00-135.00. Today's thrust represents a continuation of the initial upleg off of the base (125 to 135 roughly), which triggers a swing target zone of around 145.

Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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