Current PA of axis bank presents an interesting situation. PA is at an area of strong resistance and the formation of an ascending wedge like pattern presents a bearish scenario. In order for PA to be bullish it needs to close and sustain above 525 levels(thick blue line) and if it does not PA will most likely fall to 420 levels followed by 370 levels (thick blue line). If the two trend lines highlighted in black where previously PA reversed had reversed, fails to arrest any reversing PA then most likely we can witness PA falling back to previous support levels of 420 and eventually 370.
Perhaps some news can act as a catalyst?
Perhaps some news can act as a catalyst?