Voltas Ltd Positional Buy 18 Jun 2023As per my analysis, NSE:VOLTAS is ready to move again on upper side levels. 790-793 is best buy level with stop loss of 935 (-55 Points Risk). My expected upside target would be 834 (+44), 865 (+75) & 902 (+112). This could be low risk and reward opportunity.
Note: This is my personal analysis, only to learn stock market behavior. Thanks.
Voltas
Support turned Resistance in VoltasVOLTAS weekly chart has exhibited a typical support turns resistance price behavior in the 920 zone. The stock took support in this zone in Apr'21 and again a couple of times in May'22. It finally left this zone toward the down side in Sep'22 only to bounce back against the 920 support zone six months later in Mar'23.
However, this time the 920 zone has turned out to be a resistance, a typical behavior in technical analysis, and the stock has fallen sharply from there.
The weight of the evidence now points toward further downside in the price.
VOLTAS Swing TradeVoltas recently broke a trendline.
And it has been a range for some months if it breaks and sustains above it we can go long.
I'm taking an entry at 825 SL 787.
Watch out for 200 EMA which can act as a resistance breaking that can be another confirmation of this swing trade.
if it takes rejection from the 200 EMA trail your SL or book your profits.
For more details refer to the image.
Comment below if you have any questions or queries.
Happy Trading !
Voltas Levels & Strategy for Medium TermDear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
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