RUSSELL 2000 on a 20 month High! Is it sustainable?
Russell 2000 (RUT) gave us an excellent buy entry on our last call (see chart below), as we achieved the most optimal buy near Support 2 and rallied all the way to our 2000 Target:
The Resistance Zone broke and this delivered a new 20-month High on the index, the effect of which is more accurately seen on the 1W time-frame. The question is, how sustainable can this rally be?
Well as the 1W RSI is only 3 points away from getting overbought (70.00) for the first time since March 2021, having also entered the 2 year Higher Highs Zone, it becomes less and less sustainable. In fact a less risky medium-term strategy would be to start selling and target the 1D MA50 (red trend-line). That is where we will reverse to a buy and target Resistance 1 at 2140.
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The Resistance Zone broke and this delivered a new 20-month High on the index, the effect of which is more accurately seen on the 1W time-frame. The question is, how sustainable can this rally be?
Well as the 1W RSI is only 3 points away from getting overbought (70.00) for the first time since March 2021, having also entered the 2 year Higher Highs Zone, it becomes less and less sustainable. In fact a less risky medium-term strategy would be to start selling and target the 1D MA50 (red trend-line). That is where we will reverse to a buy and target Resistance 1 at 2140.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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