A classic tenet of technical analysis is that broken resistance turns into support (and visa versa). The Russell 2000 ETF (IWM) broke the April trendline and resistance from its mid July high with a surge above 64.5 in late July. This broken resistance zone (63.8-64.5) now turns into a key support zone to watch this week.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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