Axis could be on the verge of breakout. Making two patters, ascending triangle on a long term and a rounding bottom on the shorter term. Keep a watch. Courtesy of @sanstocktrader & @entreprenuer987 to bring to my notice :)
It is been observed on the daily chart that the price action is taking a good support at 480-85 levels where the price action bounces back and reverse due to buyers come back at those levels.
T1 - 493
SHORT , if there is a pullback & price stays below the trend lines as shown in the chart.
This is a short term trade. Target is indicated on chart.
Disclaimer: I am sharing my view here and not intended to be trade signal.
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Based on my Analysis, i am expecting a move down to 480 , the area to BUY upto 560. If Price Action shows any change in the development, my view would change accordingly.
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The chart set up for Axis bank actually is like formation of double bottom signal highlighted by the two arrows. RSI also taking support on the trend line and i think we may just see quick bounce from the current level of 480 zone.. CMP 485; stop would be placed at 472 and would play for a target of 495/500++
AXIS BANK 25.2.2017 Monthly
Date of Trade : 25 Feb 2017
Entry Date: Buy Stop Order is placed
Stock : AXISBANK (Axis Bank Ltd)
Long/Short : Long
Current Price: 524.55
Entry Price: 531.89
Time Frame : Monthly
Type of Trade:
Long Term Trade
Reason For Trade:
Continuous Growth over the years
Dividend payout has increased over...
It is been observed on the Daily Chart that the price action forming an inverse bullish Head-N-Shoulder pattern indicating a bullish move ahead. It shall perform well once the price action breaks above 500 levels to confirm a breakout of the pattern trendline .
*Kindly note that the trade shall be active once the price action breaks...
It is been observed on the daily chart that the price action was trading below downward trend line indicated downward trend. Now, It has broken above the downward trendline, indicating a further move up to 23.8 fibs levels.
Target 1: 464
Target 2: 474