AbhishekHSinghCMT

Axis Bank -Bullish H&S@527 Unlike Tata Motors@420 to 330- What ?

Long
AbhishekHSinghCMT Updated   
NSE:AXISBANK   AXIS BANK
Current Price - 528.50

Head & Shoulder is a traditional bearish pattern once neckline is broken. Neckline comes close to 525-527 zone - if broken & sustained then we think of aggressive selling else avoid selling.

Safe Trading Strategy
Once hump is broken upside above 537 - we shall look for targets as mentioned below

Target 1 - 544-545

Target 2 - Once sustained above 545 - 555 as next level

Target 3 - As usual 570-577 zone

Risky Traders
Buying close to 525-527 zone with stops below 525 for 537 -545 - 555 - 570

Why "What"
As we are planning to trade for upside against bearish head & shoulder pattern so " what ?" in the title -but we should not force any trade if required levels are not met as don't forget " Tata Motors update - selling at 420''s which went to 325-330's low as mentioned in below post

Finally it is head & shoulder pattern so break below 525 - sell trade but tight stops above 527 as dip bellow 525 - it should drop to 515 as target or dipping below 525 & bouncing above 527 is bear trap where sellers will get trapped & our risky strategy starts working again.
Comment: 14:42 Hrs 18th April 2018

Last price@522.50

Neck line broken at 525- 527 zone - bad news for bulls
Trade active: 14:59 Hrs 18th April 2018

Last price@517

Close to downside objective of 515 - below 525.
Trade active: 15:05 Hrs 18th April 2018

Last Price@518.25

Downside objective of 515 - close was done at 516.50 - so we are closing for down moves & wait outside for start of upside move.
Waiting for the hint.
Any further selling only below 515 for 500 & 490 targets downside ( Only if sustained below 515 levels else avoid selling below 515)

Trade closed manually: Closed ----------------------------------------------------------------------------------Closed

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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