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Uptrend Broken SupportArchive
- 4/5/2024 -
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iShares Russell 2000 Index (IWM) Technical Analysis
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| Summary:
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| | It was the negative week for the iShares Russell 2000 Index (IWM). During the week, the IWM dropped -5.85 points, or -2.78%, and closed at 204.45 on Friday, April 5, 2024. It was the worst weekly loss since January 5, 2024. Weekly volume was -12% below average.
 Long-term trend: [See IWM long-term trend chart]
A long-term downtrend had started on November 8, 2021 at 244.46 and reached 161.67 on October 27, 2023. IWM lost 82.79 points, or 33.87%, in 102 weeks. The price is now at the 51.67% retracement level.
 Medium-term trend: [See IWM medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 161.67 and reached 211.88 on March 28, 2024. IWM gained -50.21 points, or -31.06%, in 21 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 202.91 and resistance is at 212.36. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See IWM weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Weekly Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
Short-term trend: [See IWM short-term trend chart]
A short-term downtrend had started on March 28, 2024 at 211.88 and reached 202.88 on April 5, 2024. IWM lost 9.00 points, or 4.25%, in 8 days. The price is now at the 17.44% retracement level.
 Daily Technical Indicators: [See IWM daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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