Russell 2000 Futures: Deeper Dip On The Way?
Candy Matheson | Sep 18, 2012 06:38PM ET
The 30 min chart below of the TF (Russell 2000 E-mini Futures Index) contains a Fibonacci retracement and a Fibonacci fanline drawing. You can see the levels at which buyers have been chipping away at the TF since it rallied last Thursday as price has subsequently dipped on three occasions...853.50, 851.50, and 850.00.
As of today's (Tuesday's) close, the price has bounced back up, once more, and sits just above near-term support at 853.50 (confluence of the 40% Fibonacci retracement level with the 60% Fibonacci fanline, together with the merging 50 and 200 MAs). A break and hold below this level, and particularly 850.00, may signal that a deeper dip is on the way to, potentially, the levels as noted in in my last post.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.