Market Analysis With Megh Mody

 Nifty daily chart Nifty 2 hour chart Nifty OI for 25th May 2023 Analysis From above daily chart, prices which were moving precisely above the red trend line has broken it and closed below it from past three trading sessions thereby opening negative possibilities. The index made a low of 18,060 levels close to my mentioned level of 18,000 which was the mean and closed above 18200 levels. With negative divergence continues to form it is least likely that Nifty will close above 18300 at least till couple of months from here. As seen in the 2 hour chart, the index has discontinued the higher highs and higher lows and below the short term moving averages on a smaller time frame. The moving averages has also given a bearish crossover which indicates that the health of the index is ill. There is CE and PE sellers positioned at 18200 levels but most of the CE sellers are at 18300, 18400 levels. This data suggests that the index can dip going ahead towards 18000 and then till 17600 levels. Fro

 Nifty Bank daily chart Nifty Bank 2 hour chart Nifty Bank PCR  Analysis As seen in the above chart, prices are moving in a higher highs and higher lows and there is no sign of reversal. However, there is a possibility of a distribution pattern which is happening in this index which is the rising wedge pattern, where RSI is also exhibiting negative divergence. From 2 hour chart, a rising wedge is still in making and there is a possibility of a new high to happen where prices will surpass its previous high of 44,151 levels and make a new high. This will then open negative possibilities as RSI will then be making triple divergence. The PCR is above 1, currently at 1.13 indicating that the biasness is negative for the index as seen in the above intraday chart of PCR. According to Wave theory, prices are moving in wave B where it has completed wave a and wave b and currently moving in wave c which is a flat pattern as wave B has gone up till 100% of wave A. In wave wave v of  wave c of wav

 Fin Nifty daily chart Fin Nifty 2 hour chart Fin Nifty Option chain analysis as on 23rd May 2023 Analysis From the above daily chart, prices are facing the resistance at 19,600 levels where the red upper horizontal line is placed. There was an attempt to break this line but due to overhead supply it re-entered the horizontal line. As of now prices are above both the moving averages but not for long as this week there are high chances that prices will move below the averages. As seen in the above 2 hour chart, the index has formed a bearish head and shoulder pattern, the target of the pattern comes to 18800 levels. Also in both the above time frame, RSI is exhibiting negative divergence which is sign of caution. An option chain analysis is done For Fin Nifty as on 23rd May expiry, which is suggesting as there is CE sellers which are very much active at 19,500-19,600 levels and on the lower side there are PE sellers at 19,300-19,200 levels. This suggests that expiry will be within this

 Dow Jones daily chart Analysis From the above chart, it is very clear that prices are moving in a sideways direction particularly in the range of 34,500-32,000 levels. The moving average has also whipsawed numerous times, indicating the trend is sideways. However, MACD which is shown in the lower panel is exhibiting negative signal suggesting that the index is on the brink to reverse or change the trend.  The index continues to move in a lower highs and lower lows fashion and it is moving in a falling channel. The recent up move has not discontinued the lower highs and lower lows. As per Wave theory, prices are moving in corrective fashion (A-B-C) or complex correction pattern (W-X-Y)  where wave A/W and wave B/X is over or on the verge to complete and wave C/Y will start which can drag prices towards 29,000-28500 price zone. The summation is Dow Jones is negatively poised and can falter towards 29,000-28,500 price zone over medium term. Join my Telegram Channel :  https://t.me/elliot

 WTI Crude Oil 4 hour  chart Analysis As seen in the above chart, prices are moving in a sideways direction particularly in the range of $74- $69. It is imperative for prices to break this range for a trending or directional move to emerge. As far as prices persists in the above mentioned range the bias will be sideways. Also to add here that prices have reversed from the resistance of the range and it is moving down which can drag prices to test the support of the lower extreme of the range. From Waves perspective, prices are moving in wave ii after completing wave 1 at $74 levels. In wave ii prices are moving in a flat pattern (a-b-c) where wave a and wave b is over and wave c on the downside will open which can falter prices near to $69.50-$69.00 levels. The summation is WTI Crude Oil prices are expected to drop till $69.50-$69.00 price range before resumption of the major trend. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meg

 Comex Gold 4 hour chart anticipated on 13th May 2023 Comex Gold 4 hour chart happened on 18th May 2023 Analysis In my previous update I had mentioned that, " Comex Gold can be bought near to the level of $1990-$1980 levels for the up side level of $2100-$2110 over short term. The support will be placed at $1950." The yellow metal plunge towards $1954 last week and closed near to $1980 levels (weekly closing). Thereby achieving my level of $1990-1980 on the downside. The upside target is still intact and it is now set to move higher - Anticipated Happened To view my previous article on Comex Gold, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/05/comex-gold.html From the above chart, prices found the support of $1950 and bounced from this level thereby suggesting that the uptrend is still intact. The metal looks to now move higher as it is moving in a distribution pattern. There is a high possibility that gold can again move back towards $20

 USDINR daily chart anticipated on May 6th 2023 USDINR daily chart happened on May 19th 2023 Analysis In my previous update I had mentioned for USDINR, " USDINR is expected to open positive possibilities once the level of 82.15 is taken out on the upside which can propel price towards 83.00 over short term and then any move above 83.00 will surge it towards 84.50-85.00 levels. However, any break below 81.40-81.00 levels will negate the upside view." There were cluster of supports near 81.40-81.00 levels and from there the pair has reversed thereby breaking 82.15 levels and made a high close to 83.00 levels - Anticipated Happened To view my previous article on USDINR, click on the below mentioned link https://www.marketanalysiswithmeghmody.com/2023/05/usdinr-at-multiple-supports-and-elliott.html As seen in the above daily chart, the pair has arrived near cluster of resistances which is also the consolidation zone formed from past 6-7 months. If prices move above this level whi