Market Analysis With Megh Mody

MCX Silver hourly continuous chart anticipated on 31st March 2020 MCX Silver hourly continuous chart happened on 20th May 2020 In my previous update dated 31 st March 2020, I had mentioned that, “Silver is poised to move higher near till 49200-49300 levels with the support at 38900 levels. The bias is firmly positive for Silver over short to medium term.” On 20 th May it made a high of 49500, thus achieving my mentioned level of 49200-49300 when it was trading at 41000, gaining stupendous 20%- Anticipated Happened. Here is the link of my previous article on MCX Silver-  https://www.marketanalysiswithmeghmody.com/2020/03/mcx-silver-elliott-wave-forecast.html As per hourly chart, prices are expected to remain in a range of 46850-49400 after that there are high possibility to cross 49500 impressively which can soar prices till 50600 levels over short term. RSI has bounced from the oversold territory. From Wave theory, Silver is moving in wave iv of the impulse rally, It is likely ...

ACC hourly chart As per hourly chart, prices are moving in a sideways direction, it is important for this stock to move above 1250 levels which will open further positive possibilities soaring it till 1500 levels. However, RSI is in overbought terrain and there are high chances for it to relieve from it first. From wave perspective, prices have completed wave b/ii which can be seen in the hourly chart at 1125 levels and it is now moving in wave c/iii higher, price confirmation can be obtained above 1250 which can resume the major trend. The summation is only a move above 1250 will open further positive possibilities which can surge prices near till 1500 levels with support at 1150. Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-. Classroom training and webinars both are available. If you ...

Motherson Sumi hourly chart Motherson Sumi has shown resilience from 50 levels and is now trading at 79. The first structure after making the low of 50 was an impulse which has five wave marked in a numerical manner, after that prices are trading in a contracting pattern which has eventually formed in a symmetrical triangle pattern. Now it is imperative for prices to cross 85 levels to give bullish break which can surge the price near till 100-105 levels which is 61.8% of wave a to wave b . The symmetrical triangle pattern has not retraced till 61.8% and it is on the bring to terminate near till 38.2% of wave a of one higher degree. This means wave c higher is pending and this entire structure wll convert into zigzag pattern. Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-. Classroom training a...

Axis Bank hourly chart In my previous update dated 16th May 2020, I had mentioned that, "   Prices are poised to falter till 360-355 levels where the support of the channel is placed with resistance at 410." Prices made a low of 335 which achieved my above mentioned level. - Anticipated Happened Here is the link of the previous article on Axis Bank-  https://www.marketanalysiswithmeghmody.com/2020/05/axis-bank-elliott-wave-forecast.html Now as prices has arrived near support of the falling shaded channel there are high chances for this banking stock to soar from current levels which can test 380-385 levels. As per Elliott Wave, prices might have completed wave a of the second correction post wave x, this means wave b higher cannot be ruled out. Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be R...

Nifty hourly chart In my previous week update I had mentioned that, “ there can be a push in prices which can soar it near about till 9400-9500 price range, which can be a bull trap. Any reversal from this particular price range will drag prices near till 8900 levels over short term” Prices made a high of 9584 which was just a spike and reversed before that it made a low of 9047. From hourly analysis, the index is moving in a falling channel (marked with shade portion), it is imperative for prices to break the level of 9040 for further downside to sustain, my previous level of 8900 is still intact as it is likely to test it. After that the next level which the index is expected to achieve will be 8750. As per wave theory, Nifty has completed wave b of wave b and is now on the brink to start wave c lower which can go till 8900 followed by 8750 levels. The summation is, only a move below 9040 will infuse selling pressure which can accelerate the downtrend till above mentioned level...

MCX Crude Oil daily chart MCX Crude Oil hourly chart In my previous update dated 4 th May 2020, I had mentioned that, “ Prices are all set to soar near till 1755 with support place at 1390 levels, the bias is positive.” It marginally protected the level of 1390 as it made a low of 1388 and reversed completely to conquer my mentioned level of 1755- Anticipated Happened. Here is the link of my previous article- click here https://www.marketanalysiswithmeghmody.com/2020/05/mcx-crude-wave-analysis.html From the above daily chart, higher highs and higher lows are intact which is the sign of trend change.  Also a rising trend line is providing support to this energy sector with RSI still above the center line and below the overbought zone. Last day of the week candle has shown immense strength as it closed near the high of the day. As per hourly chart, after moving in a sideways action (blue shaded part) prices have given a bullish break which is a clear indication that the short ...

Axis Bank daily chart Axis Bank hourly chart In the above daily chart it is very clear that prices are making lower highs and lower lows, which is a negative sign. After making a low of 287 prices managed to bounce till 486 levels after that it continues to move in the major direction which is negative. Daily RSI has failed to cross the center line from below and is showing signs of reversal. From hourly chart, the banking stock is moving in a falling channel, which is a negative sign. As of now it is showing signs of reversal from 420 levels which is closer to the trend line resistance. It has also filled the rising gap (marked by rectangle) on Friday which is a negative sign indicating that bulls are losing control. Wave theory says that, Axis Bank is moving in a complex correction pattern from the hourly chart pattern, this means that it has completed one correction after wave a at one higher degree was completed and then wave (x) was formed near 420 levels and now second correc...