May 18, 2014

IWM Triangle pattern

  • IWM Daily chart shows a triangle pattern. Price near the apex of the pattern may soon give bigger direction out of this consolidation.
  • Price for now is below 200 Day SMA
  • Weekly chart shows price managing to close above 50 Week SMA. Bears need a weekly close below 50 Week sma. Bulls need to move back above 200 Day SMA to avoid bigger correction.