Axis Bank - Reversal from Support? Bullish Continuation Ahead!Axis Bank weekly chart shows a potential reversal setup as it tests key support levels: the lower boundary of an ascending channel and the 200-week EMA. If bullish confirmation emerges, this could present an excellent swing trade opportunity. Let me know your thoughts in the comments! #AXISBANK #TechnicalAnalysis #SwingTrading"
Key Observations:
1. Ascending Channel Support:
- The price is currently testing the **lower boundary of the ascending channel**, which has acted as dynamic support since 2020.
2. 200-Week EMA Support:
- The **200-week EMA is providing additional support, reinforcing the likelihood of a bounce from this level.
3. Bullish Structure Intact:
- Despite the recent correction, the overall trend remains bullish as long as the price respects the channel's lower boundary.
5. **Upside Potential**:
- If the reversal materializes, the price could aim for the midline of the channel and eventually retest the upper boundary.
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Disclaimer:
This analysis is for informational and educational purposes only and does not constitute financial advice. Trading involves risk, and past performance is not indicative of future results. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.
