August 25, 2010

Russell 2000 near support area

  • Russell 2000 is trading near an important support line which comes at 587.
  • This can also act as the neck line of a head and shoulders pattern.
  • If the support line breaks and the pattern is not busted, a large correction may follow.
  • If the index gets support at 587 short term may turn bullish.
  • LIVE  INTRADAY CHART FOR RUSSELL 2000 WITH EMA
By at

2 comments:

  1. UnknownAugust 25, 2010 at 10:34 PM

    i think it has already given breakout from H&S around 608 levels as your chart shows thats is a very bearish sign.

    ReplyDelete
  2. SanAugust 25, 2010 at 11:37 PM

    @giresh
    You may be right but 587 is an important support area if that break, fall from head and shoulders will pick up momentum.
    on the contrary 587 can give support for the index as well for a short term bounce

    ReplyDelete

Subscribe to: Post Comments (Atom)