IWM bullish target is $219.7 next week
$iShares Russell 2000 ETF(IWM)$
Last week, I anticipated in the Weekly Compass (link in bio) 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 such levels are more accurate than moving averages.
$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.
On the other hand, if the central weekly level at $213.2 is breached, a bearish reversal could target $209.1 before the bounce to the upper Bollinger Band.
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