Weekly charts represents series of data points where each data point is comprised of the price movement for a single week of trading.
This chart type has been used for a long time by traders and typically applicable for long-term trading.
It has been observed on the daily and weekly chart that the price action breaks out from a downward trending line at support zone indicating buyers come back. Once it closes above 29 levels then it shall further race up to new high levels.
The company is also at good valuations, trading near its book value of 27. With low P/E and continues growing revenue, it is...
Axis Bank looks weak on the weekly charts post confirmation from RSI and a converging MACD. It could move towards 669/ 650 in the near term with SL of 721. One may sell on rise for a better risk- reward Or take low volume trade.
Note : Should make a low below 681 in the coming week.