IWM: Big Move Ahead
Kay Kim | Nov 16, 2017 08:45PM ET
We saw a pretty strong reversal day today with a gap-up and the follow through confirming the 65-min. bullish divergence (which I've talked about on my mid-week update video below).
That 145ish-level definitely was a strong level of a support with that rising pivot (dotted blue) and the horizontal pivot (red box) colliding in that vicinity.
So, now that we have a strong bounce, let's see if we can able to see a continuation to the upside to get this minor-term momentum to continue.
Currently, iShares (NYSE:IWM) is trading above the fast moving averages so sentiment is shifting bullish in the minor term, we just need to see if we see a continuation.
If it reveres back down sharply in the next few days, we would want to see buyers protecting 144-145 level.
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