Weekly timeframe technical analysis video for RTY, Russell 2000 futures 📉🌐
- Delving into the range dynamics, spotlighting transitions from support to resistance around the 2115 level. 🚀➡️🚧
- Critical Support Turned Resistance: Witnessed a shift at 2115, evolving from solid support to formidable resistance, with recent price rejection indicating its strength. 🛑
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Key price levels for the Russell, longer term
- Bottom Range Price: 1638, significant for its historical bounces in June and Fall ’22, and October ’23. 📆⬆️
- Consolidation Triangle Formation: Traces from post-COVID lows to all-time highs, indicating potential fake-outs. 📐
- Volume Profile Insights: Value Area High at 1972 and POC around 1800, highlighting crucial areas within the current range. 📊
- Developing:
- Observing a potential downward cross at approximately 2080, with a focus on the developing POC near 2007 as a key technical junction. 🔍🔻
- Anticipated tests of upper resistance levels, with the fourth attempt possibly breaking through, based on historical patterns. 🔄🚀
- Long-term Strategy: Emphasizing the importance of junctions for setting up trades, with an eye on key levels for potential reversals or breakthroughs. 🕰️📈
- Trade Setup Example: A speculative 5 to 1 trade opportunity, illustrating the strategic positioning and expectations for the upcoming months. SEE VIDEO ABOVE WITH THE TRADE EXAMPLE. TRADE AT YOUR OWN RISK and visit ForexLive.com for additional views 📉💹
This article was written by Itai Levitan at www.forexlive.com. Source