May 6, 2012

IWM Weekend update

  • Daily and Weekly charts has broken crucial support levels.
  • Week closed below 20 Week SMA. Weekly MACD is in sell mode which will help the bears of IWM.
  • Daily is approaching a neck line of  a possible head and shoulders pattern. Trading below 78.14 - 78.58 will strengthen bears further.
  • 20 Day SMA, 100 Day SMA and the cloud will act as resistance from now on.

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