Motherson Sumi Elliott Wave Analysis

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 Motherson Sumi daily chart

Motherson Sumi hourly chart


From the daily chart, prices continue to move in a positive direction by crossing its previous high. However, from past two trading sessions the stock has reversed from the highs and arrived near to its support area.  It will be important to see if it bounces from here onwards to surpass its previous high of 230 levels. RSI which was in deep overbought has relieved from the zone.

As shown in hourly chart, at the level of 204, there is a measuring gap which will hold prices as it will be an unfilled gap. If it manages to fill the gap then the level of 200 will act as a strong support to this stock. Any reversal from current levels will soar prices towards 235-238 levels. RSI has arrived to its center line.

As per Wave theory, Prices have completed wave iii of wave c and it is moving down in form of wave iv of wave c. Once wave iv is over in between 204-200 levels, prices will move higher in form of wave v which will surpass the high of wave iii.

The summation is Motherson Sumi is all set to surge towards 235-238 levels over short to medium term with supports placed at 204-200 levels (closing basis).

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