RTY Monthly time frame testing Support
The RTY Monthly time frame pushed bullish last month and closed above resistance (Around price point 2000.00). This month the market has had a bearish dip and appears to be testing the price of the old resistance level which can now act as support and push the market up.
This is pretty normal when the market breaks out of a sideways range. If the market can stay above price point 2000.00 I am expecting the market to push bullish towards the new up monthly Fibonacci extension price point 2380.2 about +3,246 ticks above the market. If the market closes below the monthly support price point 2000.00. Then I would expect the recent bullish push to be a false bullish breakout and the market to push back down towards the old consolidation low around price point 1638.00.
According to the research, as long as the market stays above 2000.00. It will be a good idea to turn to the daily time frame to look for low prices in the buy zone before looking for long ideas.
This is pretty normal when the market breaks out of a sideways range. If the market can stay above price point 2000.00 I am expecting the market to push bullish towards the new up monthly Fibonacci extension price point 2380.2 about +3,246 ticks above the market. If the market closes below the monthly support price point 2000.00. Then I would expect the recent bullish push to be a false bullish breakout and the market to push back down towards the old consolidation low around price point 1638.00.
According to the research, as long as the market stays above 2000.00. It will be a good idea to turn to the daily time frame to look for low prices in the buy zone before looking for long ideas.
