Russell 2000 Breaks Floor – Russell 2000 Index ETF has broken the floor of a rising trend channel, according to Investtech. Investtech, the analytical research company today, 16th January 2020, provided an update on their view of the Russell 2000 ETF. The daily free analysis they offer on their homepage can be found here.
It suggests a continued rise in the stock price as well as providing insight into the underlying technicals of the Russell 2000 Index.
The analysis suggests the share price has broken through resistance at $157 and suggests to expect a further rise to $172. The research note advises the ETF has support at $157 and resistance at $173. A decisive breakthrough either one of these levels would indicate the new direction for the share price.
An outline of the analysis is below:
Russell 2000 ETF has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial increasing rate. The stock has given positive signals from rectangle formation by a break up through the resistance at $157. A further rise to $172 or higher is signaled. The stock has support at dollar $158 and resistance at dollar $173. The stock is assessed as technically positive for the medium long term.
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Danny Deegan is the owner and proprietor of stocktipsguru.com. Born in the UK, currently working within financial services with an emphasis on equity investments.