Umang_Sharma

Axis Bank: Analysis

Short
NSE:AXISBANK   AXIS BANK
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.
Order cancelled: Trade has gone sideways didn't expect this move.
Comment: Formation of a triangular pattern. Keep an eye on it.
Comment: Entred at 402.70. Acting as expected. Good Profit in progress.

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