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The US Small Caps 2000 index passed below the support zone of 2,085.00/2,135.00 on January 19. Since then, the stocks have reached and shortly traded below the 1,900.00 mark and the 2021 low level of 1,938.00. In the aftermath of the drop, the index has retraced back up to the resistance of the 2,050.00 mark.
If the stock index declines, it would have to pass the support of the 2021 low level at 1,938.00, the 1,900.00 mark and the 38.20% Fibonacci retracement level at 1,890.65.
On the other hand, a stock recovery would face resistance at 2,050.00, before aiming at the 2,085.00/2,135.00 zone.
Mon, 07 Feb 2022 10:45:11 GMT
Source: Dukascopy Bank SA
The US Small Caps 2000 index passed below the support zone of 2,085.00/2,135.00 on January 19. Since then, the stocks have reached and shortly traded below the 1,900.00 mark and the 2021 low level of 1,938.00. In the aftermath of the drop, the index has retraced back up to the resistance of the 2,050.00 mark.
If the stock index declines, it would have to pass the support of the 2021 low level at 1,938.00, the 1,900.00 mark and the 38.20% Fibonacci retracement level at 1,890.65.
On the other hand, a stock recovery would face resistance at 2,050.00, before aiming at the 2,085.00/2,135.00 zone.