Exide Industries is a storage battery production company. This stock has given a 20% returns in past 1 year. We have been using Time cycle along with Elliott wave theory across segments. It provides us with good insight of when the next major move will be happening.
Below is the detail analysis on daily chart of Exide Industries using Time Cycle and Elliott wave theory.
Exide Daily chart:(Anticipated as on 3rd December, 2018)
(Below is the gist taken from daily equity report published on 3rd of December, 2018)
Elliott Wave analysis:
As shown on the daily chart, currently primary degree wave 5 is ongoing which is further subdivided in 5 legs of which wave iv is ongoing. Prices are confined precisely within the upward slopping blue channel. Even the low made near 237 levels is near the support trendline; this shows how important it is.
We are showing 226 days Time Cycle which has been working amazingly and managed to capture major lows of this stock. The low made in 2016 near 116 levels, 2017 near 170 levels, low made near 195 in 2018 and the recent low near 237 was captured by this cycle.
In short, Exide Industries trend is positive. Break above the intraday high of 264 can take the prices towards … levels. This will be preferred scenario as long as support trendline remains protected ……….
The above analysis clearly shows how well the cycle theory works. To know what are the different cycles that can be applied, on stocks as well as indices and other various techniques. Get access to our daily equity report published under the name of “The Financial Waves Short Term Update”. Checkout here
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