Voltas has formed 8 waves channel (value area) with control price.
The current price is trading at 653 and major resistance are 665 nearby and 636 nearby, the calculation of far;
Major R. 665 - Major R. 636 = 31 / 2 = center 15.5
Plan A: Buy this stock above 665 if close
Plan B: Buy at the value low 636 nearby
Both trade-plans has the same target...
If 648 level is held, Initiate long above 652 with a SL of 647 with immediate targets of 656 and 661. If stock goes below 647.5, go short with targets of 642 and 638 with SL of 653.2. Trend of the broader market should be taken into consideration.
IT IS RESPECTING WEDGE PATTERN SO MUST NOW BOUNCE FROM LOWER TRENDLINE AS WE CAN SEE HAMMER IS MADE WHICH SHOWS DEMAND ZONE THREE TARGETS FOR LONG ARE 674 679 AND FINAL 684.95 MAKE SURE CANDLE DOES NOT CLOSE BELOW LOWER TRENDLINE ON CLOSING BASIS
Can look for shorting opportunities if it sustains under 690. Upside resistance is 700-705.
If it fills the gap made on 27-oct-19 opening, then chances are it can go up, otherwise will look for downside under 690.
Bearish divergence in last two weeks.
Says we can see downfall in next 4-5 sessions.
1st profit booking under 690 is 675. For upside sky...