IWM short term bullish

14 giu 2014

It's easy to be bearish IWM given the underperformance relative to SPY (and nearly everyone is), but a look at the short term trend shows a break above the falling price channel, and prior channel resistance is now acting as support. Two attempts at the 115.72 level, where a change of price trend is confirmed, have failed. There is no such thing as a triple top, so they say. Three times is a charm. Long setup on a 3rd break of 115.72 to the upside. Target of 117.50, marking the beginning of the falling channel, or a trailing stop. Stop placed below the last swing low at 115.29.