$IWM Reversal?I took a chance on AMEX:IWM yesterday on the reversal candle. I liked the action today as it followed through. It did get rejected today right at the area of horizontal resistance although it did close in the upper 2/3 area of the candle. I look at that as being bullish. I will look to add to my ½ sized position if / when it can get over that flat resistance area and again if it can break above the downtrend line. All TBD. My Stop is under that red candle from last Friday.
See notations on chart for my thought process.
My thinking is that “if” there is going to be a 4th quarter rally the small caps will need to participate. Again, all TBD.
Not investing / trading advice. Comments always welcome. Thanks for looking.