Monday, March 19, 2007

IWM Chart Analysis for 03.19.2007


Monthly chart shows divergence going into the February 2007 high. Trendline in place remains intact.

Weekly chart shows ugly bearish engulfing candle reversal pattern. Possible 5 waves up into the February 2007 high. Trendline has been broken. Resistance currently is at the $78.00 and then the79.50 area.

Price is currently trading below shorter term moving averages -- However, price remains above the 200sma at this time.

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