$IWM weekly chart with notes. (possible trade idea).
• $IWM has been stuck in a range for 1.8 years. • Top of the range, call it $200. The bottom of the range--162.50ish. • If you believe in targets, take the top of the range minus the bottom of the range and add that to the top of the range; $200-$162.50 = $37.50 + +200 = $237.50. • STOP: on the weekly chart, the $190 level looks like the proper initial sell stop. From current levels, that is about 4% away. The potential upside based on the stock range is about +19.9%. • On the daily chart, there is [...]