Range Breakout in MIDSMALLLCAP 400 index ?
The Midsmallcap 400 index is consolidating for more than a month for now in a tight range after a big move from the aprils lows. The Index is consolidating just below the resistance area which can be seen as a strength
The breakout from this consolidation upwards also results in 2 year side ways range.
In classical chart patterns , this is a Pole and Flag pattern. The move from april low is the pole and the consolidation happening right now in the shaded region is the Flag.
The targets after breakouts can be 21,800 which is the size of the the rectangle from the breakout point and 23,770 gives the size of the pole.
