EEM Chart – Back to the Top of Trading Channel

I charted EEM this morning when it was trading at $43.09.  I’m keeping my analysis simple on this one today.  EEM has been trading in a channel for a few months and it’s back to the trend line of higher highs.  While it could break above that line and continue higher, I expect EEM to move lower again.  A drop of a dollar would bring it close to its 10 day moving average which could offer support, but hasn’t been a completely accurate indicator of support for EEM in the past.  I’ll be more interested in calling EEM a buy when it gets back to the trend line of higher lows.  That line has worked as an entry point for nearly six months.