CNX MIDCAP IS AT TRENDLINE RESISTANCE LET SEE HOW IT WORKS IN THIS WEEK DOES IT AGAIN FACE RESISTANCE AND CAME DOWN OR THIS TIME BREAKOUT WILL HAPPEN OUR OF SLOPPY CHANNEL
Explained on chart. There is no such history of events which can be used to predict future trend. Normally, mid cap stocks in the last leg of bull run. Here, we are seeing contradictory picture. Bull run doesn't look broad based as only few of the stocks have contributed in rally which is not a good signal. Also if we see mid cap performance since the high of 2008...
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...
midcap index is at important reistance.. 100 weekly mov avg and weekly trendline from top..
would be very tough to cross easily..
but if crossed it can get super bullish..
Mid cap index test trendline resistance successfully.
and gave close below tredline which is a bearish sign.
closing above trendline then we can go long otherwise short.
MIDCAP 100 index has been in a trading range from the past one month.
This is very unusual for this index as it normally tends to be very volatile.
Midcaps have been weak all through this 900 point nifty rally so a correction in Nifty may trigger a deep correction in Midcap stocks.
Watchout for a breakout on either side....
-The Midcap sector showed great realitive strength yesterday when the Nifty was down and Midcaps were up. This happened after a long time.
Weekly chart
-Sector breaking out of a falling wedge pattern on the weekly chart.
-Found support at 50% Fib retracement.
-Bullish divergence on stochastic.
-Converging MACD lines.
Daily chart
-Bullish divergence on...
#MIDCAP100 trading at the important level there is support at level 16,100 to 17,600 if Mid cap break level of 17,600 then we can see the level of 16,100.
#MIDCAP100 if stock able to hold the level of 17,600 then we can see the level of 20,200.
@in_tradingview
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