iShares Core MSCI Emerging Markets ETF forms bullish "Megaphone Bottom" chart pattern Jan 11, 2017
Trading Central has detected a "Megaphone Bottom" chart pattern formed on iShares Core MSCI Emerging Markets ETF (IEMG:NYSE).
This bullish signal indicates that the stock price may rise from the close of $44.22 to the range of $46.80 - $47.40. The pattern formed over 31 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.
Tells Me: The recent broadening action tells us that trading has been out of control, but a breakout on the upside suggests we're starting a more decisive uptrend.
With its broadening price swings, the Megaphone represents a market that's unstable and out of control. It typically consists of two successively higher highs between three lower lows, and the reversal signal occurs when the price breaks up above the second peak (the highest high) as a sign of a more decisive bullish move.
This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.
Trading Central is the industry leader providing actionable investment research products for self-directed investors and traders. Our compelling product suite uses automated interpretation of technical, fundamental and value based analytics to help validate investment decisions, manage risk and find ideas. Trading Central helps to automate the investment decision making process by offering dynamic and action-oriented research for all trader types and provides coverage of more than 50 exchanges worldwide, including stocks, indices, currencies and futures.
Pricing, historical chart data, real-time and fundamental company data are provided by Morningstar Research Inc.
Technical Event® is a registered trademark of Trading Central.
Trading Central products and services are protected under U.S. Patent Nos.: 6,801,201; 7,469,226; 7,469,238; 7,835,966; and 7,853,506; and corresponding foreign patents.