>In a consolidation zone dec 2018
>7th approach to resistance i.e - 815
>6th approach post 2020
> Trading above 200 MA in both weekly & daily chart
>Strong Bounce from 200 MA on a daily chart
Axis Bank:
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Price Volume relationship:
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Monthly: Volume decline & Price up (Something fishy)
Weekly: Volume is supporting the Price movement but the last candle showed rejection from the top.
Day: Yes Volume is supporting price decline.
Now, look at the Red trendline & Black trendline intersection part, If goes below...
Axis Bank has Seen fresh breakout of Consolidation I am Buying Axis bank Future August around CMP 742 with Stoploss of 729 And Targets Expected are 772
Reason To Buy Axis bank:
# Ascending Triangle Pattern Breakout
# Bank Sector & Pvt Banking Looking Bullish
# Stock Trading above 20,50,100,200 EMA
long trade can be initiate in axis bank for the target of 675 to 680 odd levels
entry point 657.00 with the Stoploss of 649.90
NOTE :- Let the price come to the buying Zone and observe what price action take place
if the price come in the buying zone and after that hourly candle close above the 657 mark than entry point is valid ...otherwise can close below the...
Axis bank has been in the consolidation phase for more than 15 months. Prices fall rapidly after the crossover of 50 & 200 EMA . We can draw two control lines which can be helpful for target measurement.
If the price enters into the parallel channel, and after retracement sustains above 680 , traders can trade for the following target of 692 - 714 - 752 ....
Axis bank has formed a double top pattern and a confirmation on the RSI Divergence.
All of the markings are as shown on the chart.
This is my personal view and for educational purpose only.
Axis bank has given a descending triangle pattern breakout.
Though the stock has closed just below the resistance level of 726.
The breakout has been confirmed with the volumes.
RSI is also showing a bullish divergence on 15 minutes time frame.
Levels are mentioned on the chart itself.
Wait for the price action confirmation near the levels for entering the trade.
