Market Analysis With Megh Mody

MCX Zinc Mini daily continuous contract Anticipated on 20th April 2020 MCX Zinc Mini daily continuous contract happened on 22nd April 2020 In my previous update dated on 20th April 2020, I had mentioned , " Zinc Mini has a hurdle at 155, as of now cautiously positive for this metal is advisable. Any move below 149 will infuse selling pressure dragging prices lower till 142." Today in the opening session it made a low of 142 after breaking 149 yesterday- Anticipated Happened Check out my previous article on Zinc Mini by clicking the below mentioned link. https://www.marketanalysiswithmeghmody.com/2020/04/mcx-zinc-mini-anticipated-happened-and.html Currently I think wave iv is over as it failed to cross 155 and tumbled, this means that wave v which is also the last leg or last wave of an impulse has started. The ongoing wave can falter till 127-125 levels in near to medium term. This analysis is not easy as lot of practice is required for the b

MCX Copper daily continuous chart Anticipated on 4th April 2020 MCX Copper daily continuous chart happened on 20th April 2020 In my previous update dated on 4th April 2020, I had mentioned, "T he bias for Copper is positive for short term as it can move near till 387-390 price range with support at 375 levels." Prices went above 400, thus achieving my mentioned level. Check the link of my previous article on MCX Copper by clicking here https://www.marketanalysiswithmeghmody.com/2020/04/mcx-copper-elliott-wave-forecast.html As expected prices have completed wave iv which has reversed from the supply zone and it is all set to start or have started wave v lower. This wave v can move below wave iii but has the tendency to truncate as well so will just give a range in between ..... levels over short to medium term. 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

MCX Zinc Mini Fut Daily Continuous contract MCX Zinc Mini Fut hourly continuous chart In my earlier update dated 29 th March 2020, I had mentioned in Zinc mini that, “ 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 .” The metal moved up above 150 levels, thus achieving both my levels of 146 followed by 149- Anticipated Happened Check the previous article by clicking on the below mentioned link https://www.marketanalysiswithmeghmody.com/2020/03/zinc-mini-elliottwave-forecast.html As shown in the daily chart of Zinc Mini, prices are still moving higher with small candles each day, indicating that prices are on the brink to lose the positive momentum. However, there is no reversal as such in prices that can relate to my view and so it is advisable for price confirmation to obtain. From hourly chart, the upward sloping black trend line is providing support which is als

Bank Nifty Daily chart Bank Nifty hourly chart In the above daily chart, prices are moving in a sideways direction and inching close to move above its previous high which will form a higher highs and higher lows. For this it is imperative for the index to move above 21350 levels. Currently the index is trading at 20740 levels. Daily RSI is still below the center line which makes the index less lucrative. From hourly analysis, the index persists in a rising channel formation and the resistance for the index comes to 23100 levels. Before this hurdle there is another threshold which is at 22300 levels. However, RSI in hourly chart is also near to the overbought terrain. As per wave theory, prices are moving in wave c of wave a as of now, which means it can move till 100% of wave a of wave a which comes to 22300 levels. This can extend further as well till 161.8% of wave a of wave a. The summation is, Bank Nifty can move till 22300 levels in near term with

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 780-750 l

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 once in