IWM

The daily price is located above Ichimoku cloud in the bullish area of the chart. Stochastic oscillator is showing the overbought market condition but the price is still trying to break the resistance level at 293.76 for the goood breakout. If the price breaks the resistance at 293.76 to above on daily close bar so the strong bullish trend will be resumed. If the price crosses 277.62 support to below so the primary bearish reversal may be started with the secoindary ranging way and with 260.04 as a good terget to re-enter. Alternatively, the price will be on ranging within s/r channel waiting for the direction of the strong trend to be started. Trading Summary : ranging; ready for the daily breakout