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Archive
- 11/22/2024 -
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iShares Russell 2000 Index (IWM) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was a first positive week for the iShares Russell 2000 Index (IWM). During the week, the IWM gained 10.30 points, or 4.51%, and closed at 238.80 on Friday, November 22, 2024. Weekly volume was -20% below average.
 Long-term trend: [See IWM long-term trend chart]
A long-term uptrend had started on March 9, 2009 at 34.26 and reached 244.46 on November 8, 2021. IWM gained -210.20 points, or -613.54%, in 661 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (243.89). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.
 Medium-term trend: [See IWM medium-term trend chart]
A medium-term uptrend had started on August 5, 2024 at 196.70 and reached 242.40 on November 11, 2024. IWM gained -45.70 points, or -23.23%, in 14 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (225.42) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See IWM weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.
The weekly MACD line is above its signal line since September 13, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See IWM short-term trend chart]
A short-term uptrend had started on October 10, 2024 at 214.60 and reached 242.40 on November 11, 2024. IWM gained -27.80 points, or -12.95%, in 32 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 224.14 and resistance is at 250.01. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See IWM daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since November 21, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
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