May 8, 2014

IWM Analysis after closing bell


  • IWM Is near the support zone of the broadening pattern.
  • Daily chart shows price closing below 200 Day SMA. Bears need price to sustain below this line for bigger correction to happen. Today's candle looks bullish but needs to follow up and close back above 200 SMA to avoid further correction.
  • Weekly chart shows price trading below the rising support line and testing crucial support zone.

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