US Small Caps find support in Fibonacci level

Source: Dukascopy Bank SA


The Small Caps stock index declined, as it was forecast in the April 8 article, which focused on the bounce off from the resistance zone at 2,100.00. By May 13, the stocks had declined to the support of the 50.00% Fibonacci retracement level at 1,714.00 and the 1,700.00 mark.

A move below 1,700.00 would look for support in the 1,650.00 and 1,606.75 levels, which had acted as support and resistance in late 2020. If these levels are passed, the 61.80% Fibonacci retracement level at 1,538.00 is expected to act as support. Take into account that the zone around 1,540.00 acted as resistance and support in 2020.

On the other hand, a recovery of the index might encounter resistance in the 1,850.00 mark. The 1,850.00 provided support in later April and early March. Afterwards, note the resistance zone, which is located at 1,916.80/1,955.50.
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