UPL Elliott Wave Analysis

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 UPL daily chart

UPL hourly chart

From daily chart, the stock has just bounced from 38.2% retracement of the previous up move (240-545) and it is all set to cross its previous high thus opening positive possibilities for the stock. Also the stock is persisting above the rising trend line which indicates that the trend is positive. However, RSI has arrived near to overbought territory and it is possible that it can relieve from those levels.

As per hourly chart, prices have crossed its previous high of 480 (marked by black line) which was earlier acting as a resistance, now it will act as a support (polarity reversal). RSI is also in overbought terrain and can reverse anytime.

As per Wave theory, the stock is moving in wave c which is impulse in nature and can move till 61.8% of wave a to wave b which comes to 605 levels.

The summation is UPL has a strong support placed at 480, as far as it is protected on the downside the stock can reach in the price zone of 595-605 levels.


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