AXIS BANK - 1D TF - Trend Line(s), Head & Shoulders

Sep 14, 2020

Axis Bank has formed a nice support at 425, from where it keeps bouncing back. While 425 is strong support as seen from the Daily Chart, 415 is the critical level where also same base formation has happened in the past. Infact, it can be said that the support has travelled upwards to 425, which is quite good. The stock is moving in a similar fashion like before, except, it looks like the candles have gotten bigger and it has opened up for some upside move but is not sustaining. A Head & Shoulders pattern is in the making here, same way it had been back when the support was 415. Don't know what's gonna happen but no selling below 425. And below 415 -> 400. Last time it did not materialize and all banking stocks took a support at their respective levels. I'm learning chart patterns as of now. You can plan your trades accordingly if you know how to trade these patterns.