IWM Nears Lower Band After Classic Rejection Signal
$iShares Russell 2000 ETF(IWM)$ : As anticipated in last weekend's analysis, the bearish combination of a Shooting Star and the candle breaching the upper Bollinger Band signaled an impending visit to the 20DMA.
Today, price action has not only reached the 20DMA but is also rapidly approaching the lower band. The belt hold candle is validated by high daily volume suggesting continuation.
Price action and technical signs are primal.
Stock chart for IWM on daily timeframe displays candlestick price action with green and red bars forming an upward trend that peaks and reverses.
Red circles highlight a shooting star candle breaching the upper Bollinger Band and subsequent decline toward the 20 moving average line marked by a downward arrow. Yellow shaded areas indicate volume bars below the price chart with increasing green volume on the belt hold candle near the lower Bollinger Band.
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