Market Analysis With Megh Mody

 MCX Crude Oil daily chart As shown in the daily chart, MCX Crude Oil is moving in a higher highs and higher lows after moving below 0 levels. It can also be seen that, prices have moved above cluster of resistances (marked by black horizontal line). However, it is RSI which has moved in overbought terrain. Now the level of 4700 will act crucial as it will provide good support to this counter. There are high chances it will move down to test it. Any sustainable move above 4700 will take prices higher to 5000-5100 price zone over short term. Failure to protect the level of 4700 for couple of days will see some correction. From Waves perspective, the MCX Crude Oil is moving in impulse fashion. Where it has completed wave I and wave ii and it has either completed wave iii or it is still ongoing. As wave i and wave iii are equal in terms of price. The summation is MCX Crude Oil has an important support near 4700, sustainable move above this level will surge it to 5000-5100 price zone

 PNB daily chart PNB hourly chart From the daily chart, prices recently crossed its cluster of resistance and it is trading above it. Now the horizontal line which was earlier acting as a resistance will now be a support. It is very likely that it will come to test the level of 40-39 which is a good level to buy. Also there is a pattern of double bottom which is recently completed with heavy volumes. The target of the pattern comes to 50 levels for this PSU banking stock. As shown in hourly chart, the stock recently crossed its previous high thus discontinuing lower highs and lower lows and is all set to move higher from current levels. RSI has arrived near the oversold terrain and can reverse, once price starts moving higher. As per Wave theory, the stock is on the brink to complete wave (ii) of wave iii. Wave iii is extended and can move higher close to 50-52 levels over short to medium term. The summation is PNB is positively poised and can move higher from current levels near

 Tata Steel hourly chart anticipated on 6th Feb 2021 Tata Steel hourly chart happened on 1st Mar 2021 In my previous update I had mentioned about Tata Steel is, " Tata Steel is moving in a positive territory and can reach till 735-745 price zone going ahead with support at 640 (closing basis)." This article was written when the price was quoting at 685 and it reached my mentioned level of 735-745 thus gaining 9%- Anticipated Happened. To now about my previous article on Tata Steel, click on the link https://www.marketanalysiswithmeghmody.com/2021/02/tata-steel-elliott-wave-analysis.html As of now it is trading in wave 5 in which it is moving in wave iii of wave 5 and then it will move down to complete wave iv of wave 5 and then final leg of the impulse. So there is still room for prices to move higher from current levels. Wave theory is difficult to interpret and more difficult to practically apply, learn with me in my one month webinar and start practicing in my webinar. The

 Motherson Sumi hourly chart anticipated on 22nd Feb 2021 Motherson Sumi hourly chart happened on 3rd March 2021 In my earlier update dated on 22nd Feb 2021, I had mentioned that, " Motherson Sumi is all set to surge towards 235-238 levels over short to medium term with supports placed at 204-200 levels (closing basis)." Prices found support near to 204 levels and started picking up momentum and moved sideways in the range of 225-210 levels. Thereafter it broke the range and achieved my mentioned level of 235-238- Anticipated Happened. Here is the link of my previous article on Motherson Sumi which I had anticipated, click on the link https://www.marketanalysiswithmeghmody.com/2021/02/motherson-sumi-elliott-wave-analysis.html It is not easy to practically apply Wave counts on charts, but you can learn with me in my on month webinar. It will not only be theory but also how to mark wave counts on different charts and its time frame. Then details of the course is mentioned below

 SBIN hourly chart anticipated on 14th Feb 2021 SBIN hourly chart happened on 18th Feb 2021 In my previous update on SBIN  dated 14th February, I had mentioned that, " SBIN is set to conquer 417-420 levels provided the level of 386 is intact on the downside. Any move below 386 will negate the triangle pattern, and it will open other corrective patterns."- Anticipated Happened. Prices marked a high of 429 levels, thereby achieving my mentioned level of 417-420 levels. Here is the link of my previous article of SBIN dated 14th Feb. Click on the link https://www.marketanalysiswithmeghmody.com/2021/02/sbin-elliott-wave-analysis.html It is difficult to place manual wave counts without knowing the theory. You can learn the theory along with practical applications of Wave Analysis. It will be a one month webinar and the details are mentioned below. Learn Technical Analysis in our 4 month course to help you to identify better trade setups. This course will be conducted every twice in

 BHEL daily chart As shown in the daily chart, the stock is forming a higher highs and higher lows and has crossed an important resistance of 44 with volumes which is been highlighted. This breakout is very important as it also completes rounding bottom formation and its target comes to 65-67 levels which is expected to reach over medium term. To embellish, prices which were moving in a rising black channel has moved above its resistance, which indicates in shift of angle. This happens when prices are stealth uptrend and it is suppose to move above the resistance of the channel which will now act as a support. From Waves perspective, the stock is moving in wave iii and it is undoubtedly clear that it is an extended wave where wave iii of wave (iii) is extended and can move up till 58 levels over medium term. Followed by wave iv and then wave v which can lead to 65-67 levels. The summation is BHEL is in stealth uptrend and expect it to move till 58-60 levels over short to medium t

 Coal India daily chart Coal India hourly chart From the daily chart, prices have given a bullish break by crossing cluster of resistance as seen in the above chart. Also it has crossed with a gap up opening, indicating that it is a breakaway gap and remains unfilled as of now. Now the level of 144 will act as a crucial support to this stock as it was acting as a resistance earlier. RSI has also relieved from the overbought terrain. As shown in hourly chart, prices are moving in a higher highs and higher lows fashion and currently it is moving down to find the support. As of now it has found rising channel support and can move higher from current levels. However, if it slips from here it can move down till 148-146 levels which can be a buying opportunity. As per Wave theory, the stock is moving in wave iii of either wave iii/c. At present the ongoing wave iii is extended in which wav iv is ongoing which can retrace till 38.2-50% from wave ii to wave iii. On the downside it can go t