Market Analysis With Megh Mody

Nifty daily chart Nifty hourly chart In the above daily chart, the index is trading near to 9100 levels but it failed to cross its previous day high on Friday. Most importantly it is approaching near to the resistance which is at around 9230 levels. Any decisive move above this level will continue the uptrend and failure to do so will drag prices lower. From hourly analysis, prices are trading near the neckline of inverse head and shoulder pattern. It is imperative for the index to break this neckline for further bullish possibilities. The neckline is placed at 9230 levels. Also the Fibonacci extension states that, prices have approached till 78.2% of the previous up move. As per wave theory, it seems that wave (c) of wave a is on the brink to complete which will open wave b of one higher degree lower, dragging it near till 8600 or even lower. The summation is, Nifty is approaching near to its crucial resistance of 9230 levels, only a move above this level will...

MCX Nickel daily continuous contract MCX Nickel hourly continuous chart In the above daily chart of Nickel , prices have given a bearish break in a rising trend line which was acting as a support, currently the metal is trading near to it and it is now trading in a stiff range. As lower highs and lower lows are intact the bias remains negative. In hourly chart, the metal is moving in a falling channel, with capping at 920 it is likely that it will move down till 780-750 levels. RSI which is in deep overbought zone is also relieving from this zone. As per wave theory, Nickel   is moving in complex correction pattern (a-b-c-x-a-b-c) as of now it is moving in wave c of second correction which can have a dynamic fall in coming trading sessions. The summation is, prices have a resistance at 920 levels, but looking at the structure it is likely that the metal is bound to sink below its previous low and mark a new one. The support zone for this metal is at 780-7...

MCX Gold daily continuous chart  MCX Gold hourly continuous chart As shown in the daily chart of Gold, prices are moving in a positive direction by forming higher highs and higher lows. As far as this pattern is intact there is less possibility for prices to move lower or change direction. From hourly chart, it is moving in a rising black channel, as far as prices persist in this channel the bias will continue to be positive. However, RSI is in overbought terrain. As per wave theory, gold is moving in wave v of wave iii within which its last leg of wave v is pending on the upside which can soar prices going ahead. The summation is Gold has remain strong in the first quarter of this year. It is likely that the strength will continue which can surge prices near till 45750 to 45850 levels in near term with support at 44930. Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every onc...

Nifty Daily chart Nifty hourly chart In my previous report, my stop loss got hit which was 8130, as the index closed at 8080 levels on Friday. This means the downside which I thought is over has still some room left. Let us understand the analysis of it. In the above daily chart, the index closed at the low of the day on Friday and also broke its previous day low which was on Wednesday. This indicates that prices are not at all positively poised but can go down further from current juncture. Daily MACD has given a buy signal which needs to be accounted in coming weeks. From hourly analysis, prices have already retraced 61.8% of its previous upmove, this opens a reversal from current levels but not necessarily as prices can dive further till 80%-100% of the previous rise. The MACD is showing a sell signal in hourly chart. As per wave theory, wave b which is ongoing can form a flat pattern or a triangle pattern which will be monitored as and when wave unfolds. Th...

MCX Crude Oil Daily chart MCX Crude Oil hourly chart In the above daily chart of Crude Oil, prices on Friday were up by 14%, which is a mammoth move after the 30% fall this year. Now it is important to see if this is a reversal. Prices have crossed its intermediate high which is the first sign of change in trend.   This again opens the possibility that prices are set to move near till its previous high. Daily RSI is also moving from the oversold terrain. In hourly chart, the crude oil is moving in a lower high and lower formation when it was moving lower, but RSI was not which can be termed as a positive divergence (marked by black line). As per wave theory, Crude Oil has completed five waves down to complete wave c. This means that new leg on the higher side has started which can soar prices much higher. The summation is, prices are poised to move higher near till 2180-2200. A sustainable move above this level can surge it near to 2290 levels with sup...

MCX Copper Daily continuous chart As shown in the daily chart of Copper, prices is showing resilience from the lows 330 levels and is now quoting at 380 levels. It seems that the supply zone (shaded area) will act as a crucial resistance as earlier it was acting as a support (polarity reversal). Daily Stochastic is showing positive signs as it can move back to the overbought region. As per wave theory, Copper has completed wave iii of wave c down and is now moving in the form of wave iv of wave c. The possibility for prices to reach near till 387 to 390 is likely. The summation is the bias for Copper is positive for short term as it can move near till 387-390 price range with support at 375 levels. Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every once in a week for around 4 hours. This theory can be applied on all free floating markets. In this course learn from basic to advance and the fe...

In the above daily chart of Zinc mini, prices are moving down in a lower high and lower fashion especially after making bearish head and shoulder pattern. As of now prices have gone down to test the level of 140, but there is a resilience coming from lower levels. There is a high possibility for prices to move near to 146-149 levels where the resistance of the big falling channel is placed. However, MACD histogram is still in negative territory. As per wave theory, the base metal has either completed wave iii or on the brink to complete wave iii which will open wave iv higher near to 146-149 levels followed by wave v lower. The summation is, prices are expected to take a breather which can soar it near till 146-149 levels as far as level of 139 is intact on the downside. Learn ElliottWave and NeoWave in my 4 day course. Classroom training and webinar both available. Classroom training is in Mumbai at Vile Parle and Borivali near station. The fees for the same will be R...