On the daily chart below for the Russell 2000, we can see that after finding a strong support at the 1731 level, the price has rallied all the way back to the top of the range at 1800 and it’s now threatening a major breakout.
The moving averages are still crossed to the downside, but a break above the trendline should make them cross to the upside confirming the new bullish trend. This is where the sellers should pile in with defined risk above the trendline and target the break below the 1731 support.
On the 4 hour chart below, we can see that the price is probing out of the range as the price is trading above the top of the range. The buyers will now have lots of strong barriers like the trendline and the 50% Fibonacci retracement level.
They will need a clear break above all of those resistances to invalidate the bearish setup and start targeting the 1900 level. The sellers, on the other hand, are likely to pile in here as the risk to reward ratio looks very good for them.
On the 1 hour chart, we can see that the price is still trading within a rising channel. More conservative sellers may want to wait for the price to break below the lower bound of the channel before considering new shorts, while the aggressive ones should be piling in here.
The buyers will need a break above the upper bound of the channel, the trendline and the 50% fib level to get the conviction to target new higher highs.
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2023-04-03 10:33:00Z
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