Christmas week so just a quick note as I am not personally trading until the new year. Nice move back to the top of the range last week. Check my updates from last week to see how I was trading the price action within the range using the neutral box. This week I would just be watching for a break out of the range or a move back into the range. A breakout above the range would be more likely if price holds (or continues to be accepted) above the neutral box within the range. If price falls into the neutral box a retest of the 55 sma is possible. If you look at the the chart of Russel 2000 (RUT) you will see that price can trade in a sideways range for a while. With this in mind I would respect the larger range until it is broken. Be aware that low volume can make trading very difficult.
Merry Christmas Everyone!
Merry Christmas Everyone!
Comment:
Broke out of the box creating a larger range. Move happened during low volume session so the recent high may be weak. Price is now trading at 886 fib resistance. A move above the 886 fib would signal an ATH test and possible breakout.
