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MPTrader Mid-Day Minute
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| Tue Apr 22nd 2008
IWM to Test Support
By Mike Paulenoff, www.MPTrader.com Thus far, the iShares Russell 2000 Small-Cap ETF (AMEX: IWM) has retraced 62% of its prior upmove from 68.16 to 72.27 and although the intensity of the sell-off is pressing the hourly RSI into oversold territory, my sense from the way the pattern is unfolding is that the IWM will test the March-April support line, now in the vicinity of 69.40/35 -- prior to my expectation of a potent upside pivot reversal that initiates a new upleg. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
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