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MPTrader Mid-Day Minute
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| Tue Apr 1st 2008
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. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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