UPL Anticipated Happened and Elliott Wave Analysis

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 UPL daily chart


UPL hourly chart

In my previous update dated on 18th Jan 2021, I had mentioned that, “UPL has strong support placed at 480, as far as it is protected on the downside the stock can reach in the prices zone of 595-605 levels.”- Anticipated Happened.

Here is the link of my previous update on UPL, click on it

https://www.marketanalysiswithmeghmody.com/2021/01/upl-elliott-wave-analysis.html

As shown in the daily chart, it is very clear that prices have bounced from the lower Bollinger band and has also move above the mean, which now opens the possibility for prices to test the upper Bollinger Band which is placed at 580 levels. Daily RSI is also moving higher which is a positive sign as it is above the center line.

From hourly chart, prices are persisting in the rising channel and it is moving higher after it took support from 530 levels. It also gave breakout from the falling trend line which is a positive sign, indicating soar in prices.

From Waves perspective, prices completed wave iv in a triangle pattern and has embarked the major trend in form of wave v which can move till 580-600 price zone.

The summation is UPL is positively poised as it can move higher till 580-600 levels as far as the level of 528 is intact on the downside (closing basis).

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