NIFTY MIDCAP 100 CHART STUDY
NIFTY MID CAP SPOT CMP 47500
Weekly time frame
Ascending parallel channel structure
Index is trading around resistance zone as per structure trend line
Equivalent measured move done which confluence around resistance zone as per channel
Bearish divergence on RSI with respect to price action.
Fibbo extension of 2.618% done which is the max extension in history of index..
Time to take profit in mid caps and switch to cash.
Caution ahead..
Keep watch.
Weekly time frame
Ascending parallel channel structure
Index is trading around resistance zone as per structure trend line
Equivalent measured move done which confluence around resistance zone as per channel
Bearish divergence on RSI with respect to price action.
Fibbo extension of 2.618% done which is the max extension in history of index..
Time to take profit in mid caps and switch to cash.
Caution ahead..
Keep watch.
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