RUSSELL 2000 INDEX

/0 Comments/in /by

Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the review section Russell 2000 Index.

If you have been struggling with stocks being choppy with frequent false breakouts, the chart below might explain the last several months lackluster performance. Russell 2000 Index has been range bound since February 2021. The index formed a well-defined consolidation range that can act as a bullish continuation as well as a top reversal. Rectangle chart pattern can act as a top reversal. The lower boundary of the well-defined consolidation is forming support at 2,100 levels with the 200-day moving average acting as another layer of support at 2,110 levels. When a well-defined, several times tested horizontal boundary overlaps with a long-term average (my preference is the 200-day EMA), I call these inflection points. Inflection points are important technical areas where we can expect a rebound or a breakdown that can result in a strong directional move. In other words those areas of “change”.

Russell 2000 Index is now very close to the lower boundary of its multi-month long consolidation. Breakdown can target 1,870 levels. A rebound from the strong support area can result in a re-test of the upper boundary at 2,360 levels.

Tech Charts Membership

By becoming a Premium Member, you’ll be able to improve your knowledge of the principles of classical charting.

With this knowledge, you can merge them with your investing system. In fact, some investors use my analyses to modify their existing style to invest more efficiently and successfully.

Get Access Now

As a Premium Member of Aksel Kibar’s Tech Charts,

You will receive:

  • Global Equities Report. Delivered weekly.
  • Classical charting principles. Learn patterns and setups.
  • Actionable information. Worldwide indices and stocks of interest.
  • Risk management advice. The important trading points of each chart.
  • Information on breakout opportunities. Identify the ones you want to take action on.
  • Video tutorials. How patterns form and why they succeed or fail.
  • Watch list alerts. As they become available so you can act quickly.
  • Breakout alerts. Usually once a week.
  • Access to everything (now and as it becomes available)
    o Reports
    o Videos and video series
  • Multi-part webinar course. You learn the 8 most common charting principles.
  • Webinars. Actionable and timely advice on breaking out chart patterns.

For your convenience your membership auto renews each year.

Get Access Now