Market Analysis With Megh Mody

 MC Natural Gas 240 mins chart Analysis As seen in the above chart, prices are moving in a lower highs and lower lows which is a negative setup. Off lately, prices have managed to break the falling red channel which gives a positive sign. Along with that RSI has started exhibiting positive divergence which opens the possibility that downside is capped. Wave theory suggests, prices have possibly completed wave c in which wave iii was extended. Currently prices have moved higher but it is important to see if it sustains above 195 levels. If it does then there are high chances that prices will move towards 260-270 price range in the form of wave i. If not then it is wave iv and wave v lower will unfold. The summation is as far as 195 is intact on the downside there are high chances that MCX Natural Gas will surge towards 260-270 price range. If it fails to protect the above mentioned level then it can move towards 179 levels.

 USDINR 240 mins chart Analysis In my previous article I had mentioned that USDINR can move towards 82.80 when it was quoting at 82.16. On 6th February, the pair achieved my mentioned level - Anticipated Happened To read my previous article on USDINR, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/02/usdinr-towards-8280.html As shown in the above chart, prices are moving in a symmetrical triangle pattern. Recently when it came to test the higher side of the pattern it faced the resistance of 82.80-82.90 levels. From this supply zone it started moving lower and made a low of 82.32 but closed well above 82.50 levels. It is very evident that it will continue to fall from current levels as RSI is below the center line. Along with that, Wave theory suggests that prices have completed wave d at 89.90 levels and it has opened wave e which is the last leg of the triangle (a-b-c-d-e). This ongoing down leg can move down towards 81.80-81.60 levels where 50% fal

 Nifty Bank Daily chart Nifty Bank 2 hour chart Analysis As shown in the daily chart, prices are moving down in a lower high and lower low fashion which is a negative formation. Also it is important to observe that the index which was finding the support of 41700 levels (horizontal red line) once breached is now acting as a resistance (role reversal). Prices closed just below this horizontal trend line last week. From 2 hour chart, prices  have broken crucial supports there by opening negative possibilities for the index. The index is set to plunge towards the level 35600-35400 price range. As per wave theory, prices are moving in a corrective structure and can slump ahead as it has opened wave c on the lower side in which it has completed or might have wave ii and now it will open wave iii lower. The summation is Nifty Bank can tank towards 35600-35400 levels over short term. However, if the index moves above 42700 will negate the downside target and the view. 

 Nifty daily chart Nifty 2 hour chart Analysis As seen in the daily chart, prices are moving in a lower high and lower low formation which is a negative sign. Also the short term moving average is negatively poised and it is now acting as a crucial resistance. After the Budget 2023-24, prices have come up and closed below the short term moving average 20 EMA (red). The moving average is now suggesting that the trend for the index is negative. Along with that RSI is also relieving from the oversold terrain. From 2 hour chart, the index here to is facing the resistance of the moving averages of 50 SMA periods which is an indication that the bias is firmly negative not only on 2 hour chart but also on daily chart. As far as prices persists in the falling channel, the bias is negative for the index. Wave theory suggests that, prices have opened wave iii lower of wave C of one higher degree. In this wave iii, it is extended where it has completed wave i and wave ii of wave iii and now it ha

 CAC40 daily chart Analysis In my previous report I had mentioned that, "  CAC40 can move towards 7200-7250 levels from current levels over very short term." CAC40 which was trading sub 7000 when I wrote this article is now trading at 7233 levels - Anticipated Happened. To read my previous article on CAC40, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/01/cac40-elliott-wave-analysis.html The index is moving near to its previous all time high placed at 7380 levels. It is difficult to come to a conclusion that if it can test this level or not. So I am now cautiously positive for this index and can reverse anytime soon.  As per Wave theory, prices are currently moving in wave B which is on the brink to complete and when it does prices will open in wave C which can drag prices towards 5600 levels. The summation is CAC40 can turn down anytime soon which will open doors for 5600 on the downside.

 Ethereum 4 hour chart Analysis Ethereum has arrived near crucial resistance which is placed at $1680 levels. It is important for prices to breach this level to open further positive possibilities. Failure to do so will open counter move which can drag prices towards its pivot support. RSI has also started exhibiting negative divergence giving an indication that the upside is capped as of now. As per wave theory, prices are moving in impulse fashion where in it has completed wave i and wave ii is ongoing which can drag prices lower towards $1500 levels thereby completing wave ii and then wave iii higher will open. The summation is if Ethereum falters towards $1500 it can be utilized as a buying opportunity. Any move above $1680 will continue to uptrend.

 Bitcoin daily chart Analysis After giving a fresh break in falling wedge pattern, prices continues to soar thereby climbing towards its previous high. It is very clear that the pace of prices to move higher is greater than the entire falling wedge. It is now important to see if prices crosses and sustains above $24000 which will continue the uptrend. If not, counter move is about to begin. RSI which is in overbought terrain can relieve from it just to make vacuum. From Waves perspective, prices are moving in an impulse fashion and possibly completed wave i, this will open wave ii lower which can remain in the range of $24000-$22000. The summation is Bitcoin needs to sustain above $24000 to open further positive possibilities which can surge prices towards $25400 levels. Failure to sustain above $24000 will consolidate in the range of $24000-$22000 levels.