CNX SMALL CAP- BULL BULL BULL EVERYWHERE
NIfty Smallcap- Timeline analysis
1. Quarterly- Cup and handle breakout was done on July 2023 for which the target of 21900 is still pending. So Bullish in Quarterly
2. Monthly- 17844 and 18459 acted as a good support due to which Oct month candle didnt go beyond that. Retracement to the August month low is over. With the support of 18600 small cap index will move further up. So bullish in monthly
3. Weekly- Formed a double bottom structure with the target of 21700. If the weekly candle closes above 18459 tomorrow, then the upmove is possilbe until 19222 initially. Because everytime good upmove is seen once it touches 18459. Breaking the strong resitance of 19222 will take it to the target of 21700 - 21900. So bullish on weekly
4. Daily - Daily candle closed strongly above the support of 18459 which ensures the upmove until 19222 initially and then to 21700-21900 after it breaks the strong resistance of 19640. So bullish on Daily.
5. Hourly- The high to low and lower high to lower low is negated since the candle closed above 18459. Now low to high and higher low is formed which ensured bullish in hourly too.
1. Quarterly- Cup and handle breakout was done on July 2023 for which the target of 21900 is still pending. So Bullish in Quarterly
2. Monthly- 17844 and 18459 acted as a good support due to which Oct month candle didnt go beyond that. Retracement to the August month low is over. With the support of 18600 small cap index will move further up. So bullish in monthly
3. Weekly- Formed a double bottom structure with the target of 21700. If the weekly candle closes above 18459 tomorrow, then the upmove is possilbe until 19222 initially. Because everytime good upmove is seen once it touches 18459. Breaking the strong resitance of 19222 will take it to the target of 21700 - 21900. So bullish on weekly
4. Daily - Daily candle closed strongly above the support of 18459 which ensures the upmove until 19222 initially and then to 21700-21900 after it breaks the strong resistance of 19640. So bullish on Daily.
5. Hourly- The high to low and lower high to lower low is negated since the candle closed above 18459. Now low to high and higher low is formed which ensured bullish in hourly too.
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