AXIS BANK: Three Black Crows

Stock has witnessed selling pressure from the previous swing resistance on the daily chart and formed a Bearish reversal candlestick pattern which is know as Three Black Crows. Prices have also broken the rising trend line established from Jun'22 low of INR 618.25 which suggest that prices may face more weakness in the coming days.Hence any retracement from the current level should be taken as selling opportunity for the downside objective of 700 zone which is fibonacci 61.8% retracement level of the previous rally.

In the Three Black Crows Candlestick Pattern, all the three candles have bearish close consecutively.

Each candle opens and closes progressively lower than the first.

Each candlestick should have big real bodies and very small or no shadow.


Trading strategy: Sell on rise near 760-770 keeping SL of 794 and look for the target of 720/694