The price was forming a falling wedge pattern but broker out of the wedge and formed a Higher high. As can be seen from the current market structure, Voltas is in an uptrend. The price formed a hammer candle on the 200 moving average and bounced back. The 200 SMA has acted as good dynamic support in the past, as has been highlighted by the green circles.
the buy entry point is mentioned in the chart buy above only if it closes above it. targets 1,2,3 are given. stoploss can be placed below trendline. the ideas which iam giving here is meant for educational purpose.if you like my analysis like,share and follow me for daily intraday analysis.
trying to close above 1012.5 from 22nd march onwards. Today it succesfully closed above that level after a consolidation in a small range..
if that range is broken with a gap up then good momentum can be seen on the upside
VOLTAS IS SHOWING A SIGN OF TREND CONTINUATION. INVESTORS CAN HOLD THE STOCK FOR MORE RETURNS WHILE NEW SWING ENTRY IS ALSO POSSIBLE
Avoid the stock if a big gap up or gap down is seen
Enter after the breakout happens and not before it
Do not chase the market, i.e., do not get involved in late entries
Only enter with strict stop-loss and target
Voltas has shown good market capture in Home AC segment though not as good as expected.
It has potential to show some good rally to factor in recent performance on charts as well.
Pole and flag is formed and next outcome likely to happen.