Technical Analyst, Saxo Bank Group
A Bullish Engulfing on weekly time period in the making
Emerging Markets has been in a bear trend for more than a year by now. However, that could have come to an end with the past few weeks massive sell-offs on the back of the war in Ukraine. iShares MSCI Emerging Markets ETF dropped heavily only to bounce off the 0.618 Fibonacci retracement and support at around $40.90.
A bottom and reversal candle in the making; If the closing price tomorrow Friday is higher than $43.86 the Emerging Market ETF has formed a Bullish Engulfing bottom and reversal candle. A reversal that is likely to take the price action back in the falling channel and back to the 0.382 retracement at $47.50.
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