voltas - 4 hours chart
positional trade.... wait for reversal signs then trade will be triggered
Hope my chart helps!
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Voltas made a bullish run from 100 DEMA to 200 DEMA in a day only to retrace back a little & is now perched beautifully just below the 200 DEMA & 50% FIB retracement level as shown on Chart.
Its a precarious level with both scenarios of break and rejection equally possible.
Volume & Momentum seem to favour a break upwards.
Pay attention to NIFTY trends and...
Note: This is for educational purpose only.
Build up near resistance shows lack of selling pressure. Expecting a good bullish breakout once resistance is broken with good volume. RSI above 60 adds to the bullish momentum conviction.
Explaination mention above -:
I am bullish above 565 level . Firstly ,let the market to prove us that this stock has some bullish momentum .
we can't buy right now because the picture isn't clear . we will only buy above 565 for intraday purpose till 585 level.
because we can see minor resistance at 565 .
As you see last trading session it make hammer candle...