Carolyn Boroden Fibonacci Analysis: IWM Support and Resistance Levels to Watch
Resistance looks to be at the $115 level.
In this week’s video, Carolyn Boroden reviews IWM using retracement analysis to determine what a potential rebound rally could look like, and what levels we need to clear to be confident in a move higher. Currently, the ETF is sitting on key support, which was projected based on the prior decline which amounted to a move a move of roughly 4.45 (from the 114.2 level to just under 110). If we project a move higher based on the prior rally, we get a target in the area of 119, however this is not guaranteed. To determine which areas will act as short-term resistance, wherein a move higher could fail, we project using shorter-term prior rallies, and that gives us a resistance level of just about $115.
