VOLTAS ON VERGE OF BREAKOUT
Voltas concluded today's session with 2.27% gains but it failed to break the strong resistance (it has retraced about 4-5 times for there) around 1275.3 levels
Points to note:
1. Voltas has strong resistance at 1275.3 levels. Strong support is present near 1158 levels.
2. Daily RSI is showing positive divergence against price indicating a further bullish moment.
3. MACD line is also above the signal line which further indicates an upside move.
My Views
Voltas is on the verge of an "Ascending Triangle Pattern". The breaking of 1275.3 levels chart is indicating a medium target around 1390. Strong support is present at 1158 levels above which a trend reversal can be confirmed. In 1-2 sessions (probably in the next session), going by analysis I think Voltas will give a breakout for further upside movement. If not a further consolidation is on the table.
THOSE ARE MY VIEWS AND ARE FOR KNOWLEDGE PURPOSES ONLY, ACT WISELY.
Points to note:
1. Voltas has strong resistance at 1275.3 levels. Strong support is present near 1158 levels.
2. Daily RSI is showing positive divergence against price indicating a further bullish moment.
3. MACD line is also above the signal line which further indicates an upside move.
My Views
Voltas is on the verge of an "Ascending Triangle Pattern". The breaking of 1275.3 levels chart is indicating a medium target around 1390. Strong support is present at 1158 levels above which a trend reversal can be confirmed. In 1-2 sessions (probably in the next session), going by analysis I think Voltas will give a breakout for further upside movement. If not a further consolidation is on the table.
THOSE ARE MY VIEWS AND ARE FOR KNOWLEDGE PURPOSES ONLY, ACT WISELY.
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