Axis Bank - Ready to fly above 947

rekhi567 Updated   

Marked are the pink vertical lines to note the time when did the ways start and end. Of late, i.e. on the last day of trading on 18-09-2023 (after completion of counter ways A, B & C), price is stuck up in a red rectangle having support of red line from top, black line as the horizontal support and the trend line coming from way 2 and 4.

Support level of the rectangle, 1H time frame is 930 and 946 is the upper limit. 947 is a major resistance, once broken - expect a level of 961 and 1002.

Please use other indicators like William %R, RSI, EMAs or SMAs for your execution.

This content has been created only for educational purposes. The Analyst is not SEBI Registered Analyst. For any of your losses or profits, author is not responsible.

Happy to share. Together we grow.

Another way to understand. The purple line is 50% Fibonacci Level. Price is taking base there,