Axis Bank technical chart analysis
Strong support zone is 845-822
Strong resistance zone is 1000-965
Impulse wave
Impulse wave has completed (1-5) on daily basis.
Wave 1 & wave 5 are equally.
Wave 3 is longest wave.
Wave 2 taken less time as compare as wave 4 ( in corrective pattern).
Corrective wave
Corrective wave is pending & expect it may flat or zigzag pattern, elongated, running etc .
Touched Fibonacci R3 resistance level at present (988)
RSI is making LL & Price is making HH on daily chart. (Divergence)
On balance volume indicator making divergence
Target:
Downside: 38.2% must to be came at least this level 905
Upside: 1218 level but take a time month/years.
Note: Axis is all time high. It is not possible breakout in second attempt. Therefore it should be correction
This is only education purpose only
Strong support zone is 845-822
Strong resistance zone is 1000-965
Impulse wave
Impulse wave has completed (1-5) on daily basis.
Wave 1 & wave 5 are equally.
Wave 3 is longest wave.
Wave 2 taken less time as compare as wave 4 ( in corrective pattern).
Corrective wave
Corrective wave is pending & expect it may flat or zigzag pattern, elongated, running etc .
Touched Fibonacci R3 resistance level at present (988)
RSI is making LL & Price is making HH on daily chart. (Divergence)
On balance volume indicator making divergence
Target:
Downside: 38.2% must to be came at least this level 905
Upside: 1218 level but take a time month/years.
Note: Axis is all time high. It is not possible breakout in second attempt. Therefore it should be correction
This is only education purpose only