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mmjimm
Apr 27, 2023 10:58 AM

VOLTAS Chills down to its Major Support ??!! Short

NSE:VOLTAS1D
VOLTAS LTDNSE

Description

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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!!!

Trade active

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1st target done!!!

Comment

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going good!!!

Comment

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Respecting the levels!!!

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WAIT FOR CONFIRMATION CANDLE!!!

Comment

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Bearish pennant BREAKDOWN!!!

Comment

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Respecting the trendlines!!!
formed lower low again showing the bearishness!!!!

Comment

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Nearing 2nd target level!!!!
Trend AnalysisChart PatternsprobabilityvoltasshortsetupInverted Cup and Handle
Comments
vanathi
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Good analysis. It wont fall 100 points, if price sustains above 780.
mmjimm
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@vanathi, Thank you!!
may be...let's wait and watch!!!
Jan,Feb Monthly candles there was morning star alike, but it didn't get good follow up with bears bouncing back.
that's why after the Breakdown, I expected the fall.
sg2019
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It has perhaps nearing bottom with bear trap level. Nothing seriously changed to justify good fall. pnl issue will be well talen care of
mmjimm
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@sg2019 maybe
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