Market Analysis With Megh Mody

 MCX Natural Gas 60 mins anticipated on 10th June 2022 MCX Natural Gas 60 mins happened on 14th June 2022 MCX Natural Gas has dipped by over 130 points after writing this article. I had mentioned in my previous article, " MCX Nat Gas is all set to plunge till 520-500 levels over short to medium term." Prices test the level of 550.9 which was close to my range of 520-500 levels. MCX Natural Gas cracked by over 19.59%. - Anticipated Happened. To view my previous article on MCX Natural Gas, click on the below link https://www.marketanalysiswithmeghmody.com/2022/06/mcx-natural-gas-elliott-wave-ending.html

 DXY daily chart anticipated on 31st Jan 2022 DXY daily chart happened on 13th June 2022 In my previous article on Dollar Index, I had mentioned that , "  DXY has a support placed at 94.5, as far as it is protected, prices are likely to move till 102-105$ over medium term." Prices reached till 105 levels after the US inflation data shot up above 8% since past 40 years which will open aggressive interest rate hike by FED- Anticipated Happened. To view my previous article on DXY , click on the below link https://www.marketanalysiswithmeghmody.com/2022/01/dollar-index-dxy-elliott-wave.html From Waves perspective, prices are moving in a extended impulse wave and is all set to complete the upmove. The index is currently moving in wave v and is on the brink to complete this last leg which eventually lead prices to a corrective wave. USDINR is also moving in a distribution pattern and can reverse anytime soon. To view the article on USDINR, click on the below mentioned link. https:/

 Deepak Nitrite 60 mins chart anticipated on 24th April 2022 Deepak Nitrite 60 mins chart happened on 10th June 2022 In my previous article, I had reiterated, " Deepak Nitrite can sin to the level of 1800-1750 levels over short term with the resistance placed at 2400." The stock plunged below 1750 levels on 10th June 2022 thereby achieving my above mentioned levels - Anticipated Happened To view my previous article on Deepak Nitrite, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2022/04/deepak-nitrite-elliott-wave-analysis.html As per Wave theory, prices have either completed wave a after wave x in double correction or it has completed wave c of a normal correction (a-b-c). In both the scenarios there are chances for the stock to show a relief rally.

 Nifty daily chart As per the above chart, prices are moving in a lower highs and lower lows and it is precisely moving in a falling channel. The index is negatively poised on the back of various reasons, one of them is the rate hike by US FED.  Wave theory suggests that the index is suppose to falter below its recent low of 15730 and can reach towards 15450-15350 levels over short term. I earlier thought that wave a is corrective but it can also be impulse and that is why I believe that wave v of wave a can reach towards the support of the falling channel. The summation is Nifty can falter towards 15450-15350 range over short to medium term.

 MCX Natural Gas 60 mins chart MCX Natural Gas has shown tremendous rally in past one year but it seems that the rally is poised for a breather, the reason being is a distribution pattern happening at the top. This distribution pattern in technical terms is known as rising wedge pattern. From Waves perspective, prices have completed five wave up (impulse) and it is all set to correct. In the fifth wave Nat Gas has formed ending diagonal pattern which concludes that the upside is on a halt and the likelihood of prices to falter is plausible. Prices are set to move back towards 520-500 levels where cluster of supports are placed including 0-2 line. The summation is MCX Nat Gas is all set to plunge till 520-500 levels over short to medium term.

MCX COPPER 60 mins chart anticipated on 17th May 2022 MCX COPPER 60 mins chart happened on 2nd June 2022 In my previous article on MCX COPPER, I had mentioned that, " MCX COPPER will surge till 790-795 levels over short term." The red metal tested the resistance as mentioned above thereby achievingy levels - Anticipated Happened. To view my previous article on MCX COPPER, click on the below link https://www.marketanalysiswithmeghmody.com/2022/05/mcx-copper-elliott-wave-analysis.html

 Tata Steel 60 mins chart anticipated on 13th April 2022 Tata Steel 60 mins chart happened on 23rd May 2022 In my previous update in Tata Steel, I had mentioned that, " Tata Steel is negatively poised and can plunge near till 1070 levels over short term." The stock plunged below the crucial support of 1070 thereby achieving my mentioned level of 1070, gaining 19.36% - Anticipated Happened To view my previous article on Tata Steel, click on the below link https://www.marketanalysiswithmeghmody.com/2022/04/tata-steel-elliott-wave-analysis.html Tata Steel has technically broken crucial supports and it is in stealth downdrend now, any rise can be utilized as a selling opportunity. From waves perspective, either five waves are over or third wave is extended, I believe in the latter one which will open further downside in this metal stock. The summation is Tata Steel will continue to dip an can reach 820-800 levels over very short term.