Chart patterns look optimal for a short trade in Voltas
Reasons
1. VOLTAS has been taking support at the its 10 YEAR OLD SUPPORT TRENDLINE (bright green line- from 2013 till now)
2. Right now, it is in its downswing move inside the channel pattern.
3. [b]Inverted Cup & Handle pattern too formed and given BREAKDOWN today(27/04/23)
4. As per pattern, target amounts to the depth of the cup(nearly 100 points)
5. Target levels shown @ chart(horizontal dashed green lines)
6. Breakdown candle is more than 5 % and SL gets difficult to place....Safer SL can be day closing above 822
7. Lower low too formed increasing the probability of down move.
Even if you don't short, It's better not to go long now....
Let's wait & watch how it moves!!!
Note- Just sharing my view , not a tip nor advice!!!
Reasons
1. VOLTAS has been taking support at the its 10 YEAR OLD SUPPORT TRENDLINE (bright green line- from 2013 till now)
2. Right now, it is in its downswing move inside the channel pattern.
3. [b]Inverted Cup & Handle pattern too formed and given BREAKDOWN today(27/04/23)
4. As per pattern, target amounts to the depth of the cup(nearly 100 points)
5. Target levels shown @ chart(horizontal dashed green lines)
6. Breakdown candle is more than 5 % and SL gets difficult to place....Safer SL can be day closing above 822
7. Lower low too formed increasing the probability of down move.
Even if you don't short, It's better not to go long now....
Let's wait & watch how it moves!!!
Note- Just sharing my view , not a tip nor advice!!!
Trade active:
1st target done!!!
Comment:
going good!!!
Comment:
Respecting the levels!!!
Comment:
WAIT FOR CONFIRMATION CANDLE!!!
WAIT FOR CONFIRMATION CANDLE!!!
Comment:
Bearish pennant BREAKDOWN!!!
Comment:
Respecting the trendlines!!!
formed lower low again showing the bearishness!!!!
formed lower low again showing the bearishness!!!!
Comment:
Nearing 2nd target level!!!!
