Shares of the widely traded small cap ETF iShares Russell 2000 Index Fund (NYSE: IWM) are likely headed considerably higher in coming weeks.
IWM is in a well defined up trend, since reaching correction lows on june 5th, the ETF has gained some 9%, outperforming the Nasdaq Composite Index (NDX) and S&P 500 Index (SPX).
During this advance, IWM has corrected three times. Each correction low has stopped at a higher intra-day as well as higher closing low. There have been two completed short term rallies also, each closing at a higher high.
If you draw a line through the higher lows reached since June 5th, it creates a solid rising trend support line.
IWM recently tested its 50-day moving average and the average held as support. The 50-day moving average is also well above the 200-day moving average which is a bullish indicator.
IWM should move higher from here, with a test of the previous 2012 highs near $84 a share likely in coming months.
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3 Good Reasons To Buy iShares' Russell 2000 Index Fund
Published 07/19/2012, 02:25 AM
Updated 07/09/2023, 06:31 AM
3 Good Reasons To Buy iShares' Russell 2000 Index Fund
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