nalinakshi

Axis bank will it hold 500 ? opinion please.

NSE:AXISBANK   AXIS BANK
39 3 2
axis bank is athe lstlart of this monthly range, it attempted to break 2 times this month , now it has come back, if all of you come forward with your opinion , everyone will get edge to trade.
Comment: daily 200 day moving average support is at 498.8
If you see the chart below, i have drawn the current fibb extension.if the price closes below the 38.2% fibb retracement level on a daily basis, it might retest the upward trend line or the base of the cloud.similarly a break above 535 on a closing basis might take it to 559 &592
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nalinakshi stocksinboxx
@stocksinboxx, thanks for your different view, and explanation. cloud analysis i have never done, can you please elaborate
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@nalinakshi, when the price is above the cloud( daily time frame ) it is supposed to be in an uptrend. the base of the cloud acts as support.similarly when the price is below the cloud it is supposed to be in a down trend & the top of the cloud acts as resistance. when the price is in between the cloud, it is in a no trade zone ( indecision....change of trend etc ).This is just the basic concept. But there are other components with this cloud like tenkensen, kijun & chikoo span which i have deleted to make it less complicated :-)
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