Russell 2000 oversold bouncebackThe Russell2000 (US2000) index price action sentiment appears bullish, supported by the longer-term prevailing uptrend. However, since reaching an all-time high on 25th November 2024 the Russell2000 index price action is consolidating in a sideways trading range.
The key trading level is at 2195, which is the current swing low. A corrective pullback from the current levels and a bullish bounce back from the 2195 level could target the upside resistance at 2267 followed by the 2323 and 2340 levels over the longer timeframe.
Alternatively, a confirmed loss of 2195 support and a daily close below that level would negate the bullish outlook opening the way for a further retracement and a retest of 2163 support level followed by 2136.
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