Like the rest of major indices in USA, midcap too has its fair share of "V" shape rebound.
the 0.618 retracement level was rejected yesterday.
If the projected channel holds true, the price would make another "Woosh" to break that channel top, failure to do that signifies chances the bears will be awaken.
In a healthy uptrend, a correction should not be hitting Oversold condition (highlighted Area in RSI), this really gives a stern warning if next leg of downside returns.
the 0.618 retracement level was rejected yesterday.
If the projected channel holds true, the price would make another "Woosh" to break that channel top, failure to do that signifies chances the bears will be awaken.
In a healthy uptrend, a correction should not be hitting Oversold condition (highlighted Area in RSI), this really gives a stern warning if next leg of downside returns.