This is Monthy chart of Midcap Index. Do I even need to say anything?
Edit: Apply 100 SMA on monthly Time frame and you will see it has taken support on 100 SMA after every correction.
First in 2009, second in 2013, third in 2020. So the target should be around 100 SMA.
1) It has taken support at Gann Fan line 2/1 at 45 degrees drawn from the bottom of March 23, 2020 low. This confirms that 21 months old uptrend in Midcap is still intact.
2) It is near to break resistance line of the downward parallel channel formed since October 19, 2021.
3) Probability of breaking resistance line mentioned at...
Many traders even after few years of experience in trading are still struggling to make money. They have improved their technical knowledge. They know when the price is going to give big move, but still unable to make use of that knowledge. Why?
When you are improving your technical knowledge, developing your trade set ups, are you increasing your trading...
NIFTY midcap index has hit trendline resistance of 2008 -2018. after touching these levels in the past the small cap index has corrected very sharply. one should book profits and lighten their positions. the RSI has also reached close to 80 levels on the monthly charts. it indicates it has been overbought
CRASSHHHHHH!!!!!! when everyone was shouting this, we were waiting for this trendline to hold and guess what guys, it did. SHAKE OFF looks like this but to be safe we will still wait for the follow up candle and start buying shares. SAFE TRADING!!!
The nifty midcap index had broken out of the resistance line.
This is not an idea to take blind positions in midcap stocks. If you are holding such stocks you can continue to hold as the index performs well now.
Fresh positions can be taken after careful analysis of technicals in individual stocks.
- In trending market the index has taken major supports from 50ema multiple times
- Next support zone if 27000 is broken on closing, next support on 26500 levels
- Oscillators also going near OS zone, keep an eye