Voltas upcoming move prediction (19/06/23).

The stock has been consolidating in a descending triangle pattern and previously given huge targets after the consolidation phase.

It has shown a bearish moving average cross over on the weekly charts and has given a retest to the 20 EMA this week. There is a losing strength as per the RSI indicator though the market is trading above the previous low.

Either side movement can be seen in coming weeks. 2-3% move is expected on the both side, if the stock price start trading out side the consolidation zone.

On daily charts too, it has closed below both the moving averages and shown a upper wick rejection from the resistance zone which coinsides with 61.8 fibonnaci levels.

Support:- 778, 746
Resistance :- 825, 858

The stock can be bought on from long term prospect above 825 levels. Below the level, it can retest the lower levels which can give opportunity to accumulate stock at lower levels(near support levels).

Future and option trades can initiated once the stock start sustaining above/below the levels.

Positional and swing trades must be initiated with a holding time of 1-2 weeks. MA setup can be used for deciding Targets and SL.

The stock is forming a bearish pattern on the weekly charts, forming lower lows lower highs. To be in the trade for a long time use Option hedging(1 by 2 even or a put credit spread) or Future hedging

Wait for the price action near the levels before entering the trade.


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