Falling Trendline Breakout & Double Bottom Pattern in Voltas
Updated
Hello Traders, i have brought another analysis on a pattern breakout which called (Falling Trendline Breakout & Double Bottom Pattern Breakout). Well i have marked and written most of the things on chart, but still i am gonna to teach you here guy's about this pattern so if you see this next time, at least you guy's will be able to trade. So Let's start:-
Q:- What is Double Bottom?
Rahul:- It is a Bullish reversal pattern that appears after a defined downtrend and signifies a meaningful reversal on completion of the pattern. This Pattern is easy to spot on chart. It resembles with English letter "W". This pattern shows that sellers have lost the battle and the price is likely to go up from here on.
Now, a long entry could be taken once the price breaks the neckline o the upside, but guy's here we have not seen proper neckline breakout, But still momentum is bullish from here, so in the anticipation of neckline break, we have taken our best entry in the range of 880-850, and we have kept our stop loss at 778.
Guy's so this was the Double bottom pattern setup. So if you see this type of pattern in any stock you can trade now accordingly.
So now let's focus about company background.
Voltas is engaged in the business of air conditioning, refrigeration, electro - mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore) and engineering product services for mining, water management and treatment, construction equipments and textile industry.
Market Cap
₹ 28,789 Cr.
Current Price
₹ 870
High / Low
₹ 994 / 737
Stock P/E
87.1
Book Value
₹ 165
Dividend Yield
0.49 %
ROCE
9.74 %
ROE
4.42 %
Face Value
₹ 1.00
Debt
₹ 651 Cr.
EPS
₹ 4.70
PEG Ratio
-5.52
Promoter holding
30.3 %
Intrinsic Value
₹ 126
Pledged percentage
0.00 %
EVEBITDA
42.8
Important levels for Voltas Ltd.
Buy in between 880-850.
Targets we can see 1047/1332/1460+
Keep Stop loss at 778
Price is above 200 EMA( Even we got Breakout of 200 EMA on friday session).
We have seen Proper Breakout of Falling Trendline Pattern and Double bottom also.
Price is sustaining above breakout trendline.
MACD and RSI has given bullish crossover (I have not placed RSI here as i want chart neat and clean but i have analysed already)
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's.
Thankyou.
Q:- What is Double Bottom?
Rahul:- It is a Bullish reversal pattern that appears after a defined downtrend and signifies a meaningful reversal on completion of the pattern. This Pattern is easy to spot on chart. It resembles with English letter "W". This pattern shows that sellers have lost the battle and the price is likely to go up from here on.
Now, a long entry could be taken once the price breaks the neckline o the upside, but guy's here we have not seen proper neckline breakout, But still momentum is bullish from here, so in the anticipation of neckline break, we have taken our best entry in the range of 880-850, and we have kept our stop loss at 778.
Guy's so this was the Double bottom pattern setup. So if you see this type of pattern in any stock you can trade now accordingly.
So now let's focus about company background.
Voltas is engaged in the business of air conditioning, refrigeration, electro - mechanical projects as an EPC contractor both in domestic and international geographies (Middle East and Singapore) and engineering product services for mining, water management and treatment, construction equipments and textile industry.
Market Cap
₹ 28,789 Cr.
Current Price
₹ 870
High / Low
₹ 994 / 737
Stock P/E
87.1
Book Value
₹ 165
Dividend Yield
0.49 %
ROCE
9.74 %
ROE
4.42 %
Face Value
₹ 1.00
Debt
₹ 651 Cr.
EPS
₹ 4.70
PEG Ratio
-5.52
Promoter holding
30.3 %
Intrinsic Value
₹ 126
Pledged percentage
0.00 %
EVEBITDA
42.8
Important levels for Voltas Ltd.
Buy in between 880-850.
Targets we can see 1047/1332/1460+
Keep Stop loss at 778
Price is above 200 EMA( Even we got Breakout of 200 EMA on friday session).
We have seen Proper Breakout of Falling Trendline Pattern and Double bottom also.
Price is sustaining above breakout trendline.
MACD and RSI has given bullish crossover (I have not placed RSI here as i want chart neat and clean but i have analysed already)
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.
Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's.
Thankyou.
Note
A gap up opening in voltas,,i hope you guy's are enjoyingNote
Congratulations guy's our first target done,,Now it is getting some rejection from our 1st target, but for sure this is getting ready to fly towards 1350+ levels in coming months
Cheers Guy's.
Rahul Pal (Indian Moderator)
(Full Time Trader & Investor)
Join Free telegram t.me/TraderRahulPal1
For Live Streaming join youtube.com/@realbullstrading26
Learning Stock Market and Trading Programmes.
Whatsapp:- 9560604457
(Full Time Trader & Investor)
Join Free telegram t.me/TraderRahulPal1
For Live Streaming join youtube.com/@realbullstrading26
Learning Stock Market and Trading Programmes.
Whatsapp:- 9560604457
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