AU Bank: Identified the up move using Channel and Neo wave

bank nifty elliott wave neo wave nifty May 16, 2023
AU Bank: Identified the up move using Channel and Neo wave

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AU Bank has been moving precisely as per channel and Neo wave. Neo wave help us to navigate the trend of the market. AU Bank has continued to be showing strong up move over past few sessions.

 We published the following article on AU Bank pre-market on 10th May 2023 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.

AU Bank Daily chart (Anticipated as on 10th May 2023)

AU Bank 60 mins chart (Anticipated as on 10th May 2023)

Wave analysis:

In the previous day, AU Bank showed good buying throughout the day and closed with a gain of 1.30%. On the daily chart, we have used Bollinger Bands. As we can see that prices have bounced back on the upside and now, we can expect a move towards the upper bands. Also, prices have closed above the previous swing high which was near 700 levels which is deemed to be positive sign. Currently, wave c is moving on the upside.

On the hourly chart, prices are trading above the cloud which keeps the overall tone positive. As per this, the nearest support can be placed at 670 levels. Any move below it will be a first sign of concern. Along with this, prices are taking support from lower trend line of channel support. This suggest that one should be in the direction of the ongoing trend as far as this line is protected and any pullback towards the same should be utilized as buying opportunity. Currently, wave E is moving on the upside which opens the possibility of a Diametric pattern or Triangle.

In short, AU Bank looks sideways to positive. Any move above 710 is needed for fresh buying to emerge. Whereas any move below 670 will be a first sign of concern.

Happened as on 15th May 2023

AU Bank has showed precise movement as expected and signalled by Ichimoku and Neo wave. Stock moved precisely and made high of 736.55. We have forecasted it a week ago before its happening using basic and advance tools on Daily and hourly time frame.

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