Russell 2000 Index Futures (RTY1!),H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 1827.6
Pivot: 1752.1
Support : 1681.3
Preferred Case: On the H4, with price moving above the ichimoku cloud and along the ascending trendline, we have a bullish bias that price will rise to the pivot at 1752.1 in line with the overlap resistance, 61.8% fibonacci projection and 61.8% fibonacci retracement . Once we have upside confirmation that price has broken past pivot , we would expect bullish momentum to carry price to the intermediate resistance at 1795.3 in line with swing high resistance and 78.6% fibonacci projection . Should price break intermediate resistance, we would have a bullish bias that price would rise to the 1st resistance at 1827.6 where the pullback resistance, 100% fibonacci projection and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price may drop to the 1st support level at 1681.3 in line with the swing low support.
Fundamentals: Equities continue to experience a volatile summer trading season as Russell 2000 futures continue to trend lower, giving us a bearish bias on Russell 2000.
Resistance : 1827.6
Pivot: 1752.1
Support : 1681.3
Preferred Case: On the H4, with price moving above the ichimoku cloud and along the ascending trendline, we have a bullish bias that price will rise to the pivot at 1752.1 in line with the overlap resistance, 61.8% fibonacci projection and 61.8% fibonacci retracement . Once we have upside confirmation that price has broken past pivot , we would expect bullish momentum to carry price to the intermediate resistance at 1795.3 in line with swing high resistance and 78.6% fibonacci projection . Should price break intermediate resistance, we would have a bullish bias that price would rise to the 1st resistance at 1827.6 where the pullback resistance, 100% fibonacci projection and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price may drop to the 1st support level at 1681.3 in line with the swing low support.
Fundamentals: Equities continue to experience a volatile summer trading season as Russell 2000 futures continue to trend lower, giving us a bearish bias on Russell 2000.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results