Axis Bank is trading at channel top- likely a trading opportunity occurs if this channel & prior swing low@595 gets broken downside in that case -Axis Bank should penetrate 588 mark as of yesterday as mentioned below
Simplest Trade I will take & always prefer is when a trendline gets broken which is solid trendline How do you know its a solid trendline Any trendline is good if connected with 2 points, but it becomes valid & solid, at least if it has three (3) points on a trendline. So, if it gets broken under the swing low@588 & eventually the box will also start leaking -I...
Prices have been moving in a choppy manner on upside. So, going below 580- AB will fall to the zone of 575-577. Once Target Done. Let it bounce back to the zone 584-585 & start falling back again below 580- to re-enter in the short trade.
Its the monthly candles low at 540..Going below that level it will give us the clue that 5th wave is done.
The Price action has been trending up, starting up from 372 levels and now approaching to 600-610 levels. Today's breakout from 575 confirmed uptrend. Now we will be reaching previous resistance level of 600-610. Expected Target1: 600 Sl: 569
A good strong red candlestick breaks out from a strong support level signals a bearish momentum. Good time to short with expected target 560 SL 570
Target 567-69 Stoploss: 555 Recommended to Book partial profits once it may reach the targets.
I don't know why this happens, for past two days everything I get is rectangular range (not bullish flags) and it works out quite well. Did that on eurusdfxpair and xauusdpair also worked out superb..Now its turn for Axisbank, lets see what happens and which side its breaking out. Happy Trading !