IWM - Pullback Delayed?
My data and technical-driven approach continues to prove we are in a bull market where timing pullbacks is difficult, just as I anticipated on April 26th. Today, we will revisit last week's $NASDAQ 100(NDX)$ analysis that opened up the bullish continuation for the week that just ended, and what indictors and levels must be tracked carefully
Literally last week, I anticipated a potential visit to the 20 weekly average followed by bullish continuation, the price effectively started in the red the week bouncing at the bearish target using the S/R levels, which was $207.3 and then it bounced. It is a good example why the S/R levels are more accurate than moving averages, I use averages to calibrate the trend, but they don’t always work with some accuracy.
The setup for this ETF is bullish as it was anticipated since April, and the fact that the moving averages included have been surpassed validates the bullish thesis.
In the very near term, and speaking about precision, the annual $216.8 level set exact rejection in confluence with the point of control (peak) of the volume shelf, so consolidation is very likely at this point for a couple of days before bullish continuation to the upper Bollinger band.
In the near term, let’s be centered around the $213.2 mark. If this level holds as support, the immediate bullish target is $219.7 next week (a rejection would be normal considering it confluence with the monthly level). On the other hand, if the central weekly level at $213.2 is breached, a bearish reversal could target $209.1, with a temporary potential support at $212.2.
For educational content about the technical indicators mentioned in this publication, click on each link according to your interest: Stochastic and RSI oscillators, Candlestick patterns, Moving averages, Bollinger Bands, and Volume at Price. For the complete library, including other indicators like the McClellan oscillator, and studies of reversals and technical patterns in the stock market, click here.
Last week's public analysis of $Palantir Technologies Inc.(PLTR)$ serves as an excellent case study for this technical methodology. I outlined a bearish context for the stock, which subsequently declined by -4.78%. for the week.
The pre-defined levels performed with precision. The key resistance at $148.2 capped the rally, and following a fake breakout, the support zones at $142.8 and $139.4 offered disciplined traders clear decision points to protect capital before the selloff accelerated.
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