Chart Of The Day: IWM

One of our traders in the Forex Analytix chatroom pointed out at the end of the session that the iShares ETF (NYSE:) has broken its ascending trendline. With that, I wanted to point out a few other things that is important to this chart as well.


First, the last rally into new all-time highs in mid-March was also with a divergent RSI, which was warning of a failed rally attempt.


Second, breaking the ascending trendline should put a 38% – 61.8% Fibonacci retracement in view for some near-term support. This could be from 200 all the way towards the 183.00 level near term. The 200-day moving average is rising daily and should be near the 61.8% retracement upon reaching there if ultimately that is where we are going in the coming week(s). 


IWM ETF Daily Chart.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

This site uses cookies to offer you a better browsing experience. By browsing this website, you agree to our use of cookies.