Midcap 100 could be an intresting discussion at this point. The Index is moving in this bigger channel from the 2021 Top. Important tops and bottoms have been made at the channel support and resistance. The index once again held the importance of this channel this week. Price swiftly moved up after reaching the channel making a Hammer candle stick pattern in weekly time frame – a Bullish candlestick
The pattern of 2021-23 is much similar to 2024-26 pattern. In both the instances, we have a Cup & Handle formation.
The recent decline in price made the re-test of the neckline . I would expect the prices to move higher from here-on towards 80,000 which is equivalent size of depth of the cup. The longer term projection would be reaching the channel upper line.
