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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • IShares Russell 2000 Fund (NYSE: IWM) Approaching Resistance 0 comments
    May 8, 2013 3:41 PM | about stocks: IWM

    May 8, 2013 (by Frank Kollar)

    Shares of IShares Russell 2000 Fund (NYSE: IWM) recently broke out above their mid-march rally high on Monday, May 6th. But the current rally is approaching strong resistance.

    IWM 96.54 is the 127.2% retracement resistance level and this is only a fraction from Wednesday's likely close.

    The important resistance level though that we are watching is at IWM 98.56. This is the 161.8$ retracement resistance level and the most likely to cause a reversal.


    Chart Courtesy of StockCharts.com

    That said, a decisive close above IWM 98.56 would be a bullish indicator for this volatile and widely traded exchange traded fund.

    Watch the 98.56 level for a possible reversal.

    The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy does have a position in the IShares Russell 2000 Fund.

    Disclosure: I am long IWM.

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