The Russell 2000 jumped 3.6% on Thursday 澳洲幸运5官方开奖结果体彩网:to significantly outperform the 澳洲幸运5官方开奖结果体彩网:S&P 500 and Nasdaq Composite as investors rotated from mega-cap tech stocks into smaller companies perceived to get a bigger boost from Federal Reserve 澳洲幸运5官方开奖结果体彩网:rate cuts, which now look more likely after 澳洲幸运5官方开奖结果体彩网:June’s inflation report showed an unexpected fall in🎐 consumer prices last mo🅺nth.

Below, we take a closer look at the Russell 2000 chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify important levels to watch out for.

Breakout From Symmetrical Triangle

Over the past four months, the index has oscillated within a 澳洲幸运5官方开奖结果体彩网:symmetrical triangle, but staged a decisive breakout above the pattern’s top trendline on Thursday, potentially paving the way for the start of a new trend hig🎐her.

What Are The Upside Targets?

Shorter-Term Target

To forecast a shorter-term 澳洲幸运5官方开奖结果体彩网:price target, we can use the 澳洲幸运5官方开奖结果体彩网:measuring principle, To do this, we calcula🍸te the distance of the symmetrical triangle in points near its widest point and add th⛄at figure to the pattern’s top trendline. In this case, we add 215 to 2,080, which projects a target of 2,295.

Longer-Term Target

We can predict a longer-term price target by taking a bars pattern from the index’s trending move between October 2023 to March this year and overlay it on the chart from the April 澳洲幸运5官方开奖结果体彩网:swing low. This indicates a potential move up to around 2,500. The index would likely encounter significant 澳洲幸运5官方开奖结果体彩网:resistance near this level as it also sits less than 2% above the Russell’s 澳洲幸运5官方开奖结果体彩网:record high at 2,459 set in November 2021.

The 𝄹index finished at 2,125 on Thursday, its highest closing level since January 2022.

Watch This Key Support Level

Investors looking at lower 澳洲幸运5官方开奖结果体彩网:entry points should monitor the 2,080 level, an area on the chart likely to find support during retracements from the symmetrical triangle’s upper trendline, especially if other indicators, such as the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) or 澳洲幸运5官方开奖结果体彩网:stochastic oscillator, are simultaneously pointing to oversold conditions in the index.

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