Russell 2000 (RTY) Moves Up For the 2nd Straight Day, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for RTY

Last Updated November 23, 2020, 02:019 GMT

At the moment, RTY’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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 closed the previous day up 0.07% (1.21); this denotes the 2nd straight day an upward move has occurred. Relative to other instruments in the equity indices asset class, Russell 2000 ranked 8th since the previous day in terms of percentage price change. Below is a daily price chart of Russell 2000.

RTY

Russell 2000 Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 30 days Russell 2000’s price has gone up 17 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.