Russell 2000 (RTY) Up 1.72%, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

The Hourly View for RTY

Last Updated April 1, 2021, 00:020 GMT

Currently, E-Mini Russell 2000’s price is down -0.01 (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on E-Mini Russell 2000. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Russell 2000 Daily Price Recap

The choppiness in the recent daily price action of Russell 2000 continues; to start today, it came in at a price of 2195.796 US dollars, up 1.72% (37.11) since yesterday. Out of the 14 instruments in the equity indices asset class, Russell 2000 ended up ranking 2nd for the day in terms of price change relative to yesterday. The daily price chart of Russell 2000 below illustrates.

RTY

Russell 2000 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Russell 2000’s price has gone up 5 of the previous 10 trading days.