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. Below chart, Russell 2000 INDEX is from the review section of the weekly report. It is featuring a rectangle chart pattern acting as a bottom reversal on daily scale price chart.

Russell 2000 Index has been a laggard when compared with Tech stocks and Blue chips. The upper boundary of the short-term consolidation is forming support at 1,813 levels. Breakout above the 200-day average and the upper boundary of the rectangle was positive for small caps. Rectangle is possibly acting as a bottom reversal with the price target of 1,955 levels. Previous resistance area between 1,813 and 1,830 becomes the new support area. This week’s price action resumed the consolidation around the 200-day average. Last one month’s sideways consolidation can become part of a pullback to the broken resistance at 1,813 levels.

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