Chart Analysis » Russell 2000 http://chart-analysis.com/stocks-etfs Trend Analysis for Stocks and ETFs Thu, 18 Aug 2011 20:36:10 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 iShares Russell 2000 ETF (IWM) Chart – 4/14/09 http://chart-analysis.com/stocks-etfs/2009/04/14/ishares-russell-2000-etf-iwm-chart-41409/ http://chart-analysis.com/stocks-etfs/2009/04/14/ishares-russell-2000-etf-iwm-chart-41409/#comments Tue, 14 Apr 2009 20:47:19 +0000 Alex F http://chart-analysis.com/stocks-etfs/?p=141 I charted iShares Trust Russell 2000 Index Fund (IWM) after market close on April 14, 2009 when IWM closed at $45.31.  IWM attempts to mimic the performance of the Russell 2000 index.

  • IWM held support at its 10 day moving average today
  • IWM hit resistance at the trend line of previous lower highs
  • IWM hit resistance at the trend line of the highs of late January and early February
  • IWM is still trading within an old horizontal trading channel that tracks back to November 2008 and a shorter rising trend line higher lows and higher highs
  • The Williams %R indicator for the 14 day period broke below overbought, but hasn’t yet on the 28 day indicator

Opinion =IWM is at a tipping point.  The battle between the shorter rising trading channel and the longer horizontal trading channel will be decided within a couple of days.  A telling indicator for which trading channel wins could be found in the Williams %R indicator.  If IWM has another down day on Wednesday the 10 day moving average could break and the trend line of higher lows could break.  If Williams %R continues to lose momentum IWM could be in for a retreat back down to the $40 range, if not lower.

iwm-chart_04-14-2009

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