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Downtrend Broken Resist.Archive
- 7/19/2024 -
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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 second consecutive positive week for the iShares Russell 2000 Index (IWM). During the week, the IWM gained 3.72 points, or 1.75%, and closed at 216.84 on Friday, July 19, 2024. Weekly volume was 64% above average.
 Long-term trend: [See IWM long-term trend chart]
A long-term uptrend had started on October 27, 2023 at 161.67 and reached 226.64 on July 17, 2024. IWM gained -64.97 points, or -40.19%, in 37 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend resistance line (215.62). 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 April 19, 2024 at 191.34 and reached 226.64 on July 17, 2024. IWM gained -35.30 points, or -18.45%, in 12 weeks. The price is now at the 27.76% retracement level.
 Weekly Technical Indicators: [See IWM weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. 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 June 17, 2024 at 197.41 and reached 226.64 on July 17, 2024. IWM gained -29.23 points, or -14.81%, in 30 days. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (202.40) 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 short-term trend.
 Daily Technical Indicators: [See IWM daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic. 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 Lane's Stochastic help.
The daily MACD line is above its signal line since June 27, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.
During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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