NYSE:VLTA has been on a major downtrend since it's recent high in November. Personally, I love Volta as a company and think it's doing great in terms of their product, and also the partnerships/deals they've been getting. But this post is less about fundamentals and more about price action, and what we can expect in the short term from a trading perspective.
Firstly, we saw a pretty solid uptrend since the double bottom a month back.
Then, we saw price hit resistance and then a (weak) bounce on the ascending trendline. Finally, we see the price going under when it broke support a few days back.
As a trader, I would be short biased based on the overall trend of NYSE:VLTA. While it is possible to enter short at the current price, it would be best to enter when price pulls back closer to resistance levels for a better Risk-Reward Ratio. SL and TP levels shown on chart.
Happy trading
Firstly, we saw a pretty solid uptrend since the double bottom a month back.
Then, we saw price hit resistance and then a (weak) bounce on the ascending trendline. Finally, we see the price going under when it broke support a few days back.
As a trader, I would be short biased based on the overall trend of NYSE:VLTA. While it is possible to enter short at the current price, it would be best to enter when price pulls back closer to resistance levels for a better Risk-Reward Ratio. SL and TP levels shown on chart.
Happy trading