Market Analysis With Megh Mody

 Tata Motors hourly chart anticipated on 5th June 2021 Tata Motors hourly chart anticipated happened on 15th June 2021 In my previous article dated on 5th June 2021, I had mentioned that , " Tata Motors is expected to cross 360 levels over short to medium term as far as 311 is protected on the lower side . " Prices surpassed 360 levels by marking a high of 360.75 thereby achieving my level - Anticipated Happened. Tata Motors is either moving in a-b-c correction or it is moving in an impulse wave of wave a of second correction post wave x, this is a concern I have raised in my previous article, in both the cases prices were expected to go up. Here is the link of my previous article https://www.marketanalysiswithmeghmody.com/2021/06/tata-motors-elliott-wave-analysis.html I will continue to monitor the movement in this stock and keep you all updated.

 MCX Nickel daily continuous chart As shown in the above daily chart, prices are moving in a higher highs and higher lows and can move higher from current levels to test the resistance of the rising channel as the positive formation is intact. Daily RSI has sill vacuum to move inside the overbought terrain. From Waves perspective, prices are moving in wave b or a new wave pattern. So as per the former analysis prices are expected to move in wave c which can lead it till 1400-1420 levels. If it is as per the latter analysis then it is likely to cross its previous high. The summation is 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.

 USDINR daily continuous chart From the above USDINR daily chart, it is clear that prices have given a bullish break in falling channel and can continue to move higher. However, here in this case there was a throwback by prices where it re-tested the upper falling trend line which was earlier acting as a resistance, now as a support (role reversal). At present it is trading above the trend line which is an indication that the bullish break is still intact and prices are poised to move higher going ahead. I have opened a possibility of a range where prices are moving in, the two horizontal lines are the extremes. It recently tested the lower extreme and can move higher from here to test the upper. This also opens the possibility of double bottom and the peak will be at 75.5 which when crossed will open further positive possibilities. By applying Keltner channels it is to be observed that whenever prices move below the lower channel and then re-enters, prices  make volatile move and cros

 MCX Nat Gas daily chart From the above daily chart, it is very clear that prices are moving in a positive direction after completion of reversal pattern. Once the pattern was completed, prices continue to move in a sideways direction which was further converted into possible reversal pattern. Lets understand the reversal pattern first. The rounding bottom which took enough time to form with reasonable low volumes and once the resistance was taken out, prices move up with more than average volumes. After that a possible reversal triangle is in making which once completed will decide the direction of this counter. On Waves perspective, prices are moving in (a-b-c) pattern where wave a was a corrective structure followed by wave b in a triangle and once completed wave c will open up higher. The summation is prices can test 200 levels over short term which can drag prices lower, buying opportunity can be expected at these levels which can soar prices towards   300 to 315 levels over mediu

 Ripple (XRP/USD) daily chart As shown in the daily chart, prices are moving in a positive formation and it is above the rising trend line which can soar prices going ahead. For prices to continue to move up, it is imperative that the level of $0.40 is protected on the downside. By doing so, there will be break of its previous higher low thus changing the positive formation. Daily RSI is changing the direction from negative to positive and has reversed from the oversold threshold. As per Wave theory, prices are in a (a-b-c) pattern, in which it has completed wave a and wave b and has completed wave i of wave c. It is on the verge to complete wave ii which will open wave iii higher and can test $2.45 which is 100% of wave i and if it is extended then it can move till $3.86. The summation is Ripple (XRP/USD) is set to move higher near to $2.45 over short to medium term, sustainable move above mentioned level can surge till $3.86 as far as $0.4 is intact. Education Learn Technical

 MCX Gold daily continuous chart MCX Gold hourly continuous chart As shown in the above daily chart of MCX Gold, prices have given a fresh breakout from the falling trend line and it is above the horizontal line which also completes the bullish cup and handle pattern. During the breakout, prices were accompanied by above average volume which is a positive sign and it is now clear that prices will move in a positive direction from here as far as all the important supports are intact. Prices can continue to move in a sideways pattern due to fewer vacuums for RSI. By seeing hourly chart, prices are persisting in a rising channel and it has shown resilience from the horizontal line as well as the rising trend line. RSI has reversed from the oversold terrain and can reach towards to overbought. From waves perspective, prices are moving in an impulse fashion in which it has completed wave i and wave ii and now it has started moving in wave iii which is extended and it can start wave (v)

 Tata Motors daily chart Tata Motors hourly chart From the above daily chart, the auto stock is moving in a higher highs and higher low formation, this is the strongest formation for any asset class to move in a positive direction. Recently it has given a bullish break in a small falling channel which opens further positive possibilities. To embellish, from the support of the steepest trend line it has bounced thus embarking the major trend. ADX is at 18 indicating that the previous short term downtrend is on the brink to complete. As shown in the hourly chart, prices are at support and as far as it is above the steepest trend line, the stock can cross its previous high as far as there is no discontinuation of the positive formation. However, RSI is in overbought terrain and can relieve from it over couple of trading sessions. As per Wave theory, prices are moving in a double correction (a-b-c-x-a-b-c) as of now, where it has completed first correction followed by wave x and now it