5/19 RUT Technical Analysis

I've noticed we broke up to the 495 price zone. Like I mentioned before, there is plenty of resistance on the up-side, RUT is once again brushing against the 497 zone, notice in a 10-day 1 hour chart how many days we bounced around this level.

To the down-side, the 485 zone will also be an important target zone. It will find support on the Moving averages and recent price bounces in this area. Where it will go it remains to be seen, I like to explore the two possible options.

First, the Up-side continuation: I've noticed we didn't push that high in the previous few days, this could be a signal that we're not so excited about going much higher.

Now, the down-side. We broke the 5EMA in Today's last hour of trading, while this is not such a strong movement in my mind, it could bring some follow through, provided that we have some retracement, The next push could go beyond the 13 EMA and into the 487 zone.