US Small Caps 2000 respects retracement levels

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the previous review of the USSC2000 index on February 7, the index has been respecting the Fibonacci retracement levels at 2,100.00 and 1,890.00. In addition, the index is being impacted by the 2021 low levels at 2,033.50 and 1,938.00. Moreover, the 50-day simple moving average has approached the stocks from above and is acting as resistance.

If the stocks resume their decline, they are expected to look for support in the 2021 absolute low level at 1,938.80 and the 38.20% Fibonacci retracement level at 1,890.00, before aiming at the 1,800.00 mark and the 50.00% Fibonacci retracement level near 1,715.00

On the other hand, a surge of the stock index is set to face the resistance of the 2021 late January low level and the 50-day simple moving average near 2,033.50. Higher above, the pair might be stopped by the November and January high level trend line. In addition, note the resistance zone, which surrounds the 2,100.00 mark.
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