Russel 2000 Determined To Resume Its Uptrend!

Updated:

Russel 2000 index trades at 2257.85 at the time of writing and it seems ready to jump higher after invalidating a larger correction. The rate moves in a narrow range in the short term flirting also with a dynamic resistance.

Technically, the index could validate a further upwards movement soon if it takes out the immediate resistance levels. US2000 needs a bullish spark to be able to register a new higher high and activate a strong growth.

US2000 H4 Chart Technical Analysis!

The price has found strong support at 2102.05 and now it has developed a short-term uptrend. It’s located right above the weekly pivot (2242.93) trying to accumulate more bullish energy.

Russel 2000 is pressuring the descending pitchfork’s upper median line (UML). A valid breakout and a new higher high, bullish closure above 2269.50 could activate a new upside momentum.

The index has failed to reach and retest the weekly S1 (2194.80) signaling a potential growth towards the R1 (2283.57). Actually, US2000 could approach and reach the 2368.55 higher-high if it stays above the ascending pitchfork’s median line (ml).

Conclusion!

Russel 2000 could extend its growth if it jumps and stabilizes above 2269.50 immediate high.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.