IWM: 170-172 Soft?
Updated
Short idea.
Since the beginning of 2023,
IWM has put in a lower low on the daily indicating that support at 170-172 is soft, and the trend of higher lows established by the Oct swing low seems to be broken. Tough April so far -- currently trading below the 20D / 50D / 200D.
The distribution that price is trading in right now is support, but I think 170-172 gets softer with every test.
Short targets: 175 / 176
Profit targets: 172 / 170 / 168 / 163
Trade invalidated > 178
Since the beginning of 2023,
IWM has put in a lower low on the daily indicating that support at 170-172 is soft, and the trend of higher lows established by the Oct swing low seems to be broken. Tough April so far -- currently trading below the 20D / 50D / 200D.The distribution that price is trading in right now is support, but I think 170-172 gets softer with every test.
Short targets: 175 / 176
Profit targets: 172 / 170 / 168 / 163
Trade invalidated > 178
Trade active
IWM230512P169 @2.85 around 7AM PDT todayTrade closed: stop reached
Stopped at 2.3 -- may look to reenter when price closer to 176
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