Market Analysis With Megh Mody

 Tata Steel daily chart From the above chart, it is very clear that the tend is in stealth uptrend, also if you see the trend lines which I have dawn keeps becoming steeper, giving an indication that the angle of the trend is becoming steeper and steeper. As far as prices continue to form higher highs and higher lows and remains above the trend line support, prices will continue to move in North. Also there is a trend line bullish break recently which can help short term traders to make some quick money. Wave theory suggests that, prices are moving in wave v in which wave (iii) is extended and in which wave 5 is on the brink to start. For short term prices can reach till 1250-1280 levels in form of wave 5. The summation is Tata steel is positively poised and can move higher from current levels and can test 1250 levels followed by 1280 levels over short term.

 MCX Nickel daily continuous chart anticipated on 13th June 2021 MCX Nickel daily continuous chart happened on 28th June 2021 In my previous update on MCX Nickel, I had mentioned that, "  Prices are all set to test its resistance which is placed at 1400-1420 levels over short term with support placed at 1270 on closing basis." Prices today surpassed 1400 levels, the above chart is of July contract which will eventually test that level as well, thus - Anticipated Happened. I will monitor the future action of price and will update on timely basis, till then you can view my previous article on MCX Nickel by clicking on the link here https://www.marketanalysiswithmeghmody.com/2021/06/mcx-nickel-elliott-wave-analysis-and.html

 Canara bank daily chart As seen in the daily chart, prices have completed the bullish cup and handle pattern. There is a bullish break well above the horizontal trend line and it is now whipsawing that level.  At current juncture it is moving in a range of 175-155 levels. As far as prices persists in this range, no trending move is expected soon. The bullish break will only happen above 175 which can soar prices in near future. On the upside this banking stock can reach till 210-215 levels over short to medium term, which happens to be the pattern target. RSI is also above the center line which is a positive sign. As per the pattern the stop loss should be at 104.4 levels. From Waves perspective, prices have completed wave i and possibly wave ii, which now opens wave iii higher. In wave iii it has likely completed wave (i) and (wave (ii) so wave (iii) of wave iii is on the  brink to start followed by wave (iv) and wave (v) which will complete wave iii. The summation is p...

 MCX Crude Oil daily continuous chart From the above daily chart, prices are moving in a higher highs and higher lows without breaking its previous higher bottom. However, RSI is in overbought zone and can possibly relieve from this zone, but it is also observed that, it can remain in this zone for day or even weeks. As per Elliott Wave Analysis, prices are moving in an impulse wave in which it has completed wave i-ii-iii and wave iv. It is currently moving in wave v which looks to be extended, in which it is moving in wave (iii), once it is over it will start counter wave (iv) and then cross its previous top to complete wave (v) of wave v. The summation is prices are positively poised and can make a new high going ahead, the downside support is at 5150-5180 zone on the upside, prices can test 5800-5830 levels over medium term.

GBPINR hourly continuous chart anticipated on 24th May 2021  GBPINR hourly continuous chart happened on 21st June 2021 In my previous update on GBPINR I had mentioned that Prices can move lower and test 102.5 levels in form of wave c of a triangle.  The pair dipped below 102.5 on 21st June 2021 thereby achieving my level- Anticipated Happened Here is the link of my previous article on GBPINR, click on the link https://www.marketanalysiswithmeghmody.com/2021/05/gbpinr-elliott-wave-analysis-triangle.html Now if you see closely there is a falling trend line breakout which opens positive possibilities, also there is a BOE meet outcome today which can drive the price of the pair higher. July contract, prices are quoting at 103.9 and can move higher towards 105 levels over short term.

Shiba Inu hourly chart As seen in the hourly chart, the crypto currency is moving in an accumulation pattern and can move higher from current levels once the level of $0.00000876 is taken out decisively. The mentioned level is the breakout level of an inverse head and shoulder pattern. Also as per Wave theory, prices are moving in a ending diagonal pattern where it has completed all five legs internally and can move higher from here as there is a clear bullish breakout. The summation is prices are likely to test $0.00001263 over short term, once the level of $0.00000876 is surpassed decisively.

 Nifty hourly chart From the above hourly chart of Nifty, it is very clear that prices are moving in a higher highs and higher lows and prices are persisting above the rising trend line. However, this trend line is not going to hold for long and can be broken in coming trading days. Buy applying MACD, the oscillator is below the center line which is 0, this means that it is showing a negative sign. Also the previous support of the MACD which has tested several times is placed at -136 levels. As per Wave theory, prices are moving in a double correction where wave c of second correction is either ended or on the brink to end, but in wave c of second correction prices have formed expanding diagonal pattern and has given a bearish break and has also re-tested the resistance of the pattern which was earlier acting as a support. The summation is, Nifty is all set to nose dive towards 14500 levels as far as the level of 15900 is intact on the upside.