Russell 2000 Index ETF,IWM.NYSE.

Short term daily posture of NYSE listed IShares Russell 2000 ETF with a failed breakout worth noting. A top without a doubt. So far, it is a flat top (congestion, trading range) within a major uptrend.How (continuation or reversal) this congestion resolves itself will have implications going forward in larger time frames. One may construct the weekly chart of IWM and note further levels of support if they wish in case decline continues. I will only look at the short term technicals of it with this post.

Box of Tricks which defines our congestion. Down bar on heavy volume at the penultimate candle and a follow-through at the current session may suggest a test of the support. Cluster of Box support and 200 day SMA is worth watching from here on. We could mark that level (160) and keep an eye on it. OBV is still flat with no conclusive clues from it so far. RSI has entered in bearish territory!

Chart with safety.

Chart is courtesy of



All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.

Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.

Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.

Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.




Comments are closed.