Exide Inds Elliott Wave Analyis

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Exide Inds daily chart


 Exide Inds hourly chart


As per daily chart, the stock is moving in a higher highs and higher lows and has also given a breakout in bullish cup and handle pattern at 175. The target of the pattern comes to 225 which is measured from the depth of the pattern adding it to the breakout level. It has successfully crossed its previous resistance of 207 but has closed below it last week. Any move above 207 will be a buy opportunity.

From hourly chart, prices are persisting in a rising channel formation. As far as it is within this channel the bias remains positive and prices will continue to soar incoming trading sessions. RSI has also relieved from the overbought terrain

As per Wave theory, prices are moving in wave c in which it has completed wave iii in extension and wave iv lower, now it is opening wave v which will be impulsive in nature and will continue to move higher to complete wave c.

The summation is Exide Inds is positively poised, a sustainable move above 207 will surge till 220-225 levels over short term.

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