Axis bank broke out of a trend line which it has been holding since May and taken a retracement. Possibility of down trend.
Reason to short:
1) Major Breakout in daily time frame as well.
2) Multiple Retracement ends up in downwards momentum (M-Pattern Formation: Showing down trend as well).
RR ratio should be calculated and trade should be taken accordingly.
Trade has gone sideways didn't expect this move.
Formation of a triangular pattern. Keep an eye on it.
Entred at 402.70. Acting as expected. Good Profit in progress.