Today I am going to talk about Voltas Ltd. I will be be sharing the technical chart of it and try to explain you the art that has been applied on it.
The stock has been trading above the trend line (marked) or above 200EMA since early 2017 to till date. Last time the stock price had respected the level and had bounced back. This time as well the prices are now hovering around 200EMA.
Prices had also bounced back from Ichimoku cloud multiple times in the past 1 year and this is 4th time now when it is hovering around that zone and resulted into a formation of DOJI last session. Next few session will decide the direction of the stock. If the price manage to take a U-turn , a bullish chart pattern could be formed which has to give breakout above resistance line to give us a decent returns.
Look at the chart here
Registration status with SEBI: I am not registered with SEBI under the (Research Analyst) regulations 2014 and as per clarifications provided by SEBI: “Any person who makes recommendation or offers an opinion concerning securities or public offers only through public media is not required to obtain registration as research analyst under RA Regulations”
Disclosure: It is safe to assume that i might have Voltas in my portfolio and hence my point of view can be biased. Readers should consult their financial advisory before any investments. This is not a Buy/Sell call but just meant for reader Education purpose.
This article is contributed by Prateek Dhuper on Sun May 06 2018 01:16:35 GMT+0530 (IST)
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