Russell 2000 (RTY) Up 0.14%, Price Base in Formation Over Past 30 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for RTY

Last Updated April 28, 2021, 03:019 GMT

At the time of this writing, E-Mini Russell 2000’s price is down 0 (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 50 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

Russell 2000 Daily Price Recap

Russell 2000 came into today up 0.14% (3.26) from the open of the previous day, marking the 3rd consecutive day an upward move has occurred. Relative to other instruments in the equity indices asset class, Russell 2000 ranked 4th since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of Russell 2000.

RTY

Russell 2000 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. 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 17 of the previous 30 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.