- Weekly chart with MACD indicator shows a buy signal which will be effective if price breaks the range shown in the first chart.
- On breaking above 1422 the second chart comes into play were price will target the resistance line of a larger contracting pattern.
- Daily chart shows the support and resistance levels for the coming week. Sustaining above 78.6% would target 1406 and higher. Crucial support levels are the Golden ratio and 100 Day SMA.
- IWM WEEKEND UPDATE
August 4, 2012
- Daily chart has resistance at 100 Day SMA and falling resistance line.
- Weekly chart shows a contracting triangle pattern and Support at 50 Week SMA.
- Weekly stochastic has a sell signal which will be effective only if price trades below 50 Week SMA and 76.22 level.
- Daily chart will favor bulls above 100 Day SMA and falling resistance line. Crucial resistance at 81.84 level.