Mid Cap Weekly Technical Analysis

The weekly chart of the Midcap indices is important. Midcap indices are relatively weaker to nifty since May. So in the recent rally they have only gone back to test the weekly upper Bollinger band and that worked as a resistance today. The daily and weekly momentum below are in sell mode. The weekly momentum has a clear negative divergence with price. I would expect the Midcap indices to fall to at least the 40wema [green line] to start with [8% down].

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