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IWM Faces Resistance at $226.57

Written By: ChartChamp

October 22, 2024

IWM has formed a bullish breakout above the light blue channel, and has experienced some bullish momentum. However, there is resistance around $226.57 near the local highs. IWM already formed a rejection at these highs, and is trying to form a rebound around $221. I would monitor for a break above $226.57 for IWM to rally to all time highs around $233.66. I think IWM continues to make slow progress to the upside, but rate cuts will improve the financial situation of small cap stocks over the next few months.

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