The IShares Russell 2000 ETF $IWM has been trading in a very persistent upward channel since 2016 as we can see on the daily chart. And once again, price has retreated to the channel support, which is why I ask whether IWM is ready to rebound.IWM Daily Chart(click to enlarge)Channel Support:- Price has been bouncing off a projected channel support since 2017. - The 200-day simple moving average (SMA) also provided support.- Finally, the RSI is back around 30. We can see that in previous cases going back to 2016, that when price is at support and the RSI is oversold, it didn't take too long before a recovery and return to the bullish mode. - Price is now essentially entering the support area around $160. - On top of being around the 200-day SMA and the channel support, this is also around a previous resistance pivot that has acted as support. We will see if it does act as support again. - While these support factors suggest strong possibility of buyers here, it does not ensure a bullish continuation. - In fact, a more interest way to look at the cluster of support is that if it is broken, we might have a strong sell-off. - A break below $160 could easily open up the $151 area, or the middle of a consolidation range between 142.50 and 160 (formed between January and May). - For now, we should probably anticipate support here at $160. We can also anticipate upside to $167.50, which would be the middle of the June-July consolidation. - A break above $170 would likely be part of a bullish continuation scenario. If price holds under $167.50, we should anticipate a significant period of consolidation.