June 19th, 2006 - September Russell 2000 futures contract Daily chart analysis.
Report for Swing Traders
Bias: Long.
Price Map from May 2006 (left)
Price Map for last 8 trading sessions (right)
Support and ‘save’ long swing entry level is 685.10-687.30
Longs are safe above 685.00. The Red Value zone needs to be build first for Russell to descend downwards.
Typically to create Red Value price has to trade 687-681 range for 2-3 hours at least.
Price Map pattern suggest the Red Value needs to be crated first, before moving upwards.
Swing long Target and swing resistance is at 721.90
Resistance at 721.10 is also supported by left Price Map’s extended distribution bottom.
15 min. chart analysis.
Report for Day Traders
Bias: Long from 693.00 and short from 707.20
Price continues to build Red Value Zone 695.00 – 703.00
The nearest supports are 693.50-692.80, which is a “Hole” displayed by left Price Map (analyzing last 3 sessions), as well as top range of micro distribution. Failure of 692.80 shall bring price into 689.80 – the mid point and top range of next Red Value which is right bellow.
Short term resistances are 704.00 as bottom range of nearest Red Value zone above and 707.20 – as top range of same Red Value zone. Failure of 707.20 brings high probability of 714.70
Pivot is 698.90 with range of 696.60 – 701.80
