RTY closes higher for the 3rd day in a row

Russell 2000 Index (RTY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


RTY dominated by bulls lifting the market higher throughout the day
RTY closes higher for the 3rd day in a row
RTY pushes through Wednesday's high


Moving higher for the 3rd day in a row, RTY finished Thursday at 1180.32 gaining $69.95 (6.3%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 1146.81, the index confirmed its breakout through the previous session high after trading up to $33.51 above it intraday.

Daily Candlestick Chart (RTY as at Mar 26, 2020):

Daily technical analysis candlestick chart for Russell 2000 Index (RTY) as at Mar 26, 2020

Thursday's trading range has been $64.02 (5.74%), that's below the last trading month's daily average range of $77.97. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for RTY.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, RTY gained 1.26% on the following trading day.

Though the stock index is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Russell 2000. Out of 603 times, RTY closed higher 51.91% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.38% with an average market move of 0.22%.

Market Conditions for RTY as at Mar 26, 2020

Loading Market Conditions for RTY (Russell 2000 Index)...
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