RUSSELL 2000: Short term pullback possible but buy for 1910.
Russell 2000 crossed again today overo the 1D MA200 and it remains to be seen if it succeeds at closing above it. After the November 15th crossing but failure to close over it, a repeat may materialize a pullback of at least -4.50%, in similar fashion as the 1D MA200 rejections of May 23rd 2023 and November 1st 2022.
Technically that's possible as on the greater picture, the index is still neutral on the 1W technical outlook (RSI = 50.610, MACD = -19.910, ADX = 34.284) sitting almost halfway of the giant consolidation/ Rectangle pattern of the past year and a half.
Consequently, we will welcome any pullback as a buy opportunity, but we are already bullish, aiming at the R1 level (TP = 1,910).
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Technically that's possible as on the greater picture, the index is still neutral on the 1W technical outlook (RSI = 50.610, MACD = -19.910, ADX = 34.284) sitting almost halfway of the giant consolidation/ Rectangle pattern of the past year and a half.
Consequently, we will welcome any pullback as a buy opportunity, but we are already bullish, aiming at the R1 level (TP = 1,910).
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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