Russell In A Downward Trend, Will You Trade?
AvaTrade | Sep 29, 2014 08:11AM ET
Russell 2000 is trading below its downward trend line on a 4 hour time frame. The price is also trading below the 50 day (shown in red) and the 100 day (shown in yellow) moving average which shows that the trend is towards the downside. As long as the price is trading below these two averages, the bias stays towards the downside. However, it is also important to note that the general pattern is the rectangular pattern where the price is trading in a range and now it is trading towards the lows of this range which could bring a little push back towards to the upside.
The RSI is trading below its downward trend line and as long as it stays below that line, the trend stays towards the downside.
Important Levels
1155-1161 Resistance
1096-1088 Support
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
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