Bearish Engulfing of IWM

• IWM Weekly chart has given another bearish engulfing for bears.
• Price has also closed below its 20 week moving average.
• But daily chart shows a chance for a small bounce. Price is at a support line and the lower Bollinger band. Daily candle looks like a pin bar reversal candle. So combination of these things might result in a small trading bounce.
• One more thing to note is that price after giving the first bearish engulfing did go to 85 levels before selling off. So we may expect a similar price action to happen.
• But the medium term looks bearish.
• DOW JONES ANALYSIS AFTER CLOSING BELL