Voltas LongVoltas 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.
