Axis Bank - Head & Shoulder to be form
In my last publish dated 20/02/2021 on Axis Bank. We are short on Axis Bank after the formation of Shooting Star on weekly candle. We book our profit @ 630 initially our target was 650. If we forecast the current chart structure then it will resemblance of Head & Shoulder pattern. Price is testing the neckline which is also multi year tested support and resistance line. Price advance from neckline after the formation of Bullish Engulfing but due to some factor we are not bullish, because current trend is downtrend. 20, 50 & 100 EMA are just above the current price so again a bearish sign.
If we see the price action, after left shoulder formation price is making new high but volume is declining. Volume is not confirming that price will go upside.
Left Shoulder 625 - 700
Right Shoulder 625 - 700
Sell below 625 (below neckline)
Stop Loss 700
Target 1 510 (510-500 previous support and psychological number)
Target 2 450 (Measurement Rule Target - Probability to reach this level is 70%)
If we see the price action, after left shoulder formation price is making new high but volume is declining. Volume is not confirming that price will go upside.
Left Shoulder 625 - 700
Right Shoulder 625 - 700
Sell below 625 (below neckline)
Stop Loss 700
Target 1 510 (510-500 previous support and psychological number)
Target 2 450 (Measurement Rule Target - Probability to reach this level is 70%)
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