VOLTAS LTDLong
Voltas Ltd Technical Analysis
1.Chart Pattern:
2.Key Levels:
3.Indicators:
4.Volume Analysis:
5.Price Action:
6.Risk-Reward:
Trading Plan
Conclusion
Voltas Ltd. is at a critical juncture, showing potential for a bullish breakout. However, confirmation above ₹1,732 is crucial for the upward move. Traders should watch volume and price action for further clarity.
- The stock has been consolidating in a descending channel, with a recent breakout above the upper trendline of the channel.
- This breakout could indicate a bullish reversal if sustained.
2.Key Levels:
- Support Zone: ₹1,670 - ₹1,700 (highlighted area).
- Immediate Resistance: ₹1,732 (horizontal dashed black line).
- Target 1: ₹1,762 (short-term resistance).
- Target 2: ₹1,838 (medium-term resistance).
- Target 3: ₹1,926 (long-term resistance).
3.Indicators:
- RSI (14): Currently at 48.58, indicating neutral momentum. A move above 50 could strengthen bullish sentiment.
- EMA Levels:
- 20 EMA: ₹1,697 (stock near this level).
- 50 EMA: ₹1,720.
- 100 EMA: ₹1,670 (acting as strong support).
- 200 EMA: ₹1,517 (long-term trend support).
4.Volume Analysis:
- A significant spike in volume was observed during the breakout, supporting the bullish case.
5.Price Action:
- The breakout candle indicates buying interest. If the stock holds above ₹1,732, it could move toward ₹1,762 and higher levels.
6.Risk-Reward:
- Entry Zone: ₹1,700 - ₹1,732 (post-pullback to breakout zone).
- Stop Loss: Below ₹1,670 (key support).
- Target Range: ₹1,762 – ₹1,926.
Trading Plan
- Bullish Scenario: A breakout above ₹1,732 and sustained momentum could lead to ₹1,762 and ₹1,838.
- Bearish Risk: If the stock falls back into the channel and breaks below ₹1,670, the downtrend may resume.
Conclusion
Voltas Ltd. is at a critical juncture, showing potential for a bullish breakout. However, confirmation above ₹1,732 is crucial for the upward move. Traders should watch volume and price action for further clarity.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.