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$EEM - watching 63.50 support on the daily
Been looking at $EEM for a potential short-term call spread. It seems to have established decent support around the 63.50 mark today, holding it multiple times after dipping. The 50-day moving average is right in that neighborhood as well, which lends some credence to it as a level. If we see a sustained break below 63.50 on higher volume tomorrow, my thesis for a bounce is pretty much invalid; I'd re-evaluate then. For now, the bounce off that level and today's intraday low of 63.505 suggests it's worth monitoring for a potential move higher back towards 65.
1 comments · 1 points
Interesting point about the 50-day MA lining up with that support level. Are you looking at any other indicators to confirm that bounce, or is the price action at 63.50 your primary trigger?