Support turned Resistance in Voltas

VOLTAS weekly chart has exhibited a typical support turns resistance price behavior in the 920 zone. The stock took support in this zone in Apr'21 and again a couple of times in May'22. It finally left this zone toward the down side in Sep'22 only to bounce back against the 920 support zone six months later in Mar'23.

However, this time the 920 zone has turned out to be a resistance, a typical behavior in technical analysis, and the stock has fallen sharply from there.

The weight of the evidence now points toward further downside in the price.