• $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 a more aggressive signal. (The trigger is above yesterday’s high with a stop at yesterday’s low of 196.30ish).
•The $IWM has pulled back three days in a row, and it’s sitting right above its 50-day moving average, its year-to-date Anchored VWAP, 12/27/23 high VWAP, and year-to-date low VWAP.
• And there’s always the $TNA for the more aggressive.
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