Voltas has been in an uptrend in the higher timeframes , It consolidates for a while and then moves up. The last swing low consolidation was for a very long time around the 900 area which happened to be the 61.8% Fib retracement level and this time around it has again been bouncing off of and consolidating around 1000 area which is again 61.8% retracement from the recent swing high. It has clearly broken the trendline on the daily chart. Momentum traders can go long above 1061 for a target of 1100/1115 with a SL of 1050 on hourly close basis. The RR is good as it is 1:4 minimum.
The RSI also which was showing some divergence earlier has been corrected in this time wise consolidation of last few weeks and is in a healthy zone above 60 on weekly.
Alternatively one can initiate a long position on a pullback towards the trendline BO area. Depending on how the stock moves on Monday.
The RSI also which was showing some divergence earlier has been corrected in this time wise consolidation of last few weeks and is in a healthy zone above 60 on weekly.
Alternatively one can initiate a long position on a pullback towards the trendline BO area. Depending on how the stock moves on Monday.
Trade active:
entered trade at 1062.8 Fut