February 8, 2014

IWM Weekend update

  • IWM Daily chart shows resistance at 100 and 50 Day SMA.'s
  • Long shadow of Weekly candle looks bullish But price need to stay above 20 Week SMA for bigger up moves to happen.
  • Last chart shows a convincing breakdown from the daily channel. This bounce should take price back into the channel for resuming the primary trend. Weakness at the broken channel support line may resume the down move.