Russell 2000 (RTY) Down 0.25%, in an Uptrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

The Hourly View for RTY

Last Updated April 7, 2021, 03:019 GMT

At the time of this writing, E-Mini Russell 2000’s price is down 0 (0%) from the hour prior. E-Mini Russell 2000 has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on E-Mini Russell 2000. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 end of a 4 day positive run has come for Russell 2000, which finished yesterday down 0.25% (5.73). Out of the 14 instruments in the equity indices asset class, Russell 2000 ended up ranking 11th for the day in terms of price change relative to yesterday. Below is a daily price chart of Russell 2000.

RTY

Russell 2000 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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 6 of the previous 10 trading days.