RUT – Nearing Resistance


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The Russell 2000 index is nearing a resistance level (supply zone) set in late October 2011.  The price action also displays a loss of momentum (bearish divergence).  Price came close to the zone on 1/3/2012 & retraced.  Would look to see how price reacts and possibly short for a near term pull back or at least be cautious about opening any longs currently.  A break above the zone is bullish, with no real resistance till  the around the 810 or more strongly the 840 level.
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This entry was posted in Divergence, Indices, Misc. Setups, RUT, Support (Demand) - Resistance (Supply). Bookmark the permalink.

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