AbhishekHSinghCMT

Axis Bank- Trading within triangle for 440-450 zone

Short
AbhishekHSinghCMT Updated   
NSE:AXISBANK   AXIS BANK
11
There is a B-wave triangle which could be tracing out in Axis Bank as a possibility, we should not be adamant about the shape or become bias just looking at shapes & someone smart in the market takes our money.

I draw shapes just to give comfort & alarm me whether I am moving in right direction.
There is an impulsive fall from 639 to 468 lows giving us wave A & moving in choppy & confusing move Wave B- likely can open up as a triangle which is yet to be confirmed.

Remember of trading shorts close from 530-535 zone & next it was a gap down move which rushed to 480-482 zone -Wow!

Trading Strategy

We will look to join the sell side with a bounce to the zone 490-495 & falling later below 490 with stops above 504 The bounce move will retrace 61.8% of the current fall from 504 to 479- common never make a mistake of buying as small mini bottom of 480 was broken today, we wait to see how it unfolds next to join the downside trade.




Trade closed manually: 22:31 Hrs 21st Feb2017

We expected the bounce to 490-495 but it was so sharp that it did not dip below 490 so did not trigger & even went above 504 -previous high.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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