maneeshaggarwal

AXIS BANK SHOWING BEAR FLAG

Short
BSE:AXISBANK   AXIS BANK LTD
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FOR EDUCATIONAL PURPOSE

AXIS BANK SHOWING CONSOLIDATION IN THE FORM OF BEAR FLAG AFTER A SIGNIFICANT DOWNTREND. AND UNABLE CLOSE ABOVE THIS FLAG TO NEGATE THE PREVIOUS DOWNTREND BUT FELT RESISTANCE AT 505 AND DROPPED AND FURTHE IF IT CLOSES BELOW 482 THE A SMALL CORRECTION TO 455-465 MAY HAPPEN.A CLOSE ABOVE 505 A DECENT UPTREND WILL TAKE THIS TO 555-560

Comments

Thanks for nice analysis. I do agree with your idea of shorting it however I would not consider it a Bearish Flag pattern. Flag patterns are relatively small pattern the Flag part is usually less than 3 weeks.
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AbhishekHiremath praveen.bhatiya
with a significant increase in volume..this is a channel.and axis facing resistance at the upper bound

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