Cup and Handle + Channel breakout
The Russel 2000 has been in a steady range between 162 and 200 since January 2022 – more than two years now.
The current situation presents some bullish signals. This is the 6th time it's touching the upper side of the range. Generally, more touches on one side of a channel increase the likelihood of a breakout in that direction. Additionally, a substantial cup and handle pattern has formed, and there's room for RSI to climb on the weekly chart.
Resistance: 217.33 (R1 Pivot)
Target Price: 233.16 (R2 Pivot)
Support Level: 189.28 (P Pivot)
It's essential to exercise caution though, especially if the broader market corrects, which seems likely in the mid-term. A broader market correction always impacts the Russel 2000 as well.
The current situation presents some bullish signals. This is the 6th time it's touching the upper side of the range. Generally, more touches on one side of a channel increase the likelihood of a breakout in that direction. Additionally, a substantial cup and handle pattern has formed, and there's room for RSI to climb on the weekly chart.
Resistance: 217.33 (R1 Pivot)
Target Price: 233.16 (R2 Pivot)
Support Level: 189.28 (P Pivot)
It's essential to exercise caution though, especially if the broader market corrects, which seems likely in the mid-term. A broader market correction always impacts the Russel 2000 as well.
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