Russell 2000 (RTY) Up 0.13%, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for RTY

Last Updated June 3, 2021, 03:019 GMT

At the moment, 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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

Russell 2000 closed yesterday up 0.13% (3.09); this denotes the 2nd straight day an increase has occurred. Relative to other instruments in the equity indices asset class, Russell 2000 ranked 9th since yesterday 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. For another vantage point, consider that Russell 2000’s price has gone up 7 of the previous 10 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.