$IWM Bearish Signal at $221, Risk Management Key
$iShares Russell 2000 ETF(IWM)$ - Daily Chart:
That daily candle is bearish, price was rejected at $221, a weekly S/R level projected since Friday🎯.
Different from previous occurrences the Stochastic is not overbought, and similar to previous occurrences there is a MACD crossover preceding the price jump. Both are positive factors.
If the pattern repeats, we can expect a pullback followed by higher highs in price and lower highs in the oscillator.
But c'mon, that sequence of daily candles suggest a local top, so risk management* is key for longs.
(*) Setting stops according to your risk tolerance while providing oxygen to price action.
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https://x.com/SmartReversals/status/1836189704460365911
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