Hey Traders so today if we take a look at the Russell 2000 it is now at a very important resistance level 2105.
The reason this level is important imo is because it is also the 50 % Fibonacci Retracement Level from last years high. Markets normally retrace 50% of the last big move which it has now done after the big downtrend.
So if market can close above this level that would be very bullish for Russell 2000 and pullbacks would be great buying opportunities. However if Bearish I would wait for break below 1980 before shorting.
Always use Risk Management!
(Just in case your wrong in your analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
The reason this level is important imo is because it is also the 50 % Fibonacci Retracement Level from last years high. Markets normally retrace 50% of the last big move which it has now done after the big downtrend.
So if market can close above this level that would be very bullish for Russell 2000 and pullbacks would be great buying opportunities. However if Bearish I would wait for break below 1980 before shorting.
Always use Risk Management!
(Just in case your wrong in your analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
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