Emerging Markets Weekly Trend Positive

08/07/2009 9:32 am EST


Thomas Aspray

, Professional Trader & Analyst

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The iShares MSCI Emerging Markets ETF (EEM) made new highs this week as the 50% retracement resistance has been met. The 61.8% level is just below $42 and the weekly technical studies continue to confirm the new highs. The first sign of a top would be a break of the weekly RSI’s uptrend. Initial support is now at $35.

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