Russel 2000 Determined To Resume Its Uptrend!

Russel 2000 Determined To Resume Its Uptrend!

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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Author : Olimpiu Tuns

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.