RUSSELL 2000 INDEX (RUT)

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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 possible ascending triangle setup that is completing after several tests of pattern boundary.

RUSSELL 2000 INDEX (RUT)

Russell 2000 Index has been a laggard when compared with Tech stocks and Blue chips. Breakout above 2,270 levels added momentum to the existing uptrend. We can analyze the pattern as a possible ascending triangle with the price target of 2,540 levels. Horizontal resistance at 2,270 levels becomes the new short-term support.

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