The MIDCAP 100 Index has touched a decade old trendline, in the past 3 instances since 2008 whenever this trendline is touched the index has gone for a long and sharp correction. It would be ideal to book some profits and wait for correction to deploy capital later.
CNXMIDCAP (MONTHLY):- MIDCAPS INDEX BREAKOUT DONE IN MONTHLY TF & TARGET 26K WITH SL OF 16K WCB #Disclaimer:-I just shared view for only educational purpose.
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It is wise to focus on quality midcap stocks , than the broader index. The Thursday correction has not impacted this index much, strong uptrend is intact.
The MID Cap index took support and bounced back. The level from which the index bounced was very strong inflection point. Two back to back bullish candle with good volumes indicates real interest in the stock. Moreover there is a long term positive signal in RSI and MACD is positive with bullish bias. All these indicate that mid caps may pick up pace in coming weeks.
Case 1 : Bears come back - Midcap index falls further by 25-30% & new high occurs in 18-20 months ( March 2021) thereafter Case 2: Bulls take charge from here on & index hits / crosses new high in 10-13 months ( Aug-Oct 2020)
CNX Mid cap Index is consolidating in 18500-16000 range. Falling trendline should provide resistance at the upper level. H&S pattern is clearly visible on daily and weekly chart which is also supported by death cross (50 DEMA below 200 DEMA). Target of H&S is 13300 but we can see visible support at 13600 (arrow). ADX is showing mixed trend for market as both +DI...
It is near crucial levels. Every thing is mentioned on the chart.