UPL Elliott Wave Analysis

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 UPL daily chart

UPL hourly chart

From the above daily chart, prices are currently hovering at cluster of supports marked by the black arrows. It seems that there can be a resilience of prices from current levels which can surge prices from current levels. The immediate resistance will be at 495-500 levels where the resistance of the channel is placed.

As per hourly chart, price is moving in a lower highs and lower lows and is all set to bounce from the current level which can move till 500 and can even break the resistance. If the resistance is broken it will continue to move and can surpass 550 levels.

Elliott Wave theory suggests that, prices might have completed a coercive pattern (a-b-c) where there can be five sub-waves seen. After wave c of wave b is completed prices are bounce to start wave c at one higher degree which is impulsive in nature.

The summation is prices will bounce from current levels which can move up till 490-500 levels in near term with support at 435 levels (closing basis).


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