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.
Trade only based on your analysis. Follow me for updates.
Shorts can can be initiated with tgt 485 which is in the demand region.SL 508 on closing basis.
Disclaimer: I am a novice at charting and this chart is purely for educational purpose. Views and opinions are welcome.
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...
FOR EDUCATIONAL PURPOSE
AXIS BANK SHOWING CONSOLIDATION IN THE FORM OF BEAR FLAG AFTER A SIGNIFICANT DOWNTREND. AND UNABLE CLOSE ABOVE THIS FLAG TO NEGATE THE PREVIOUS DOWNTREND BUT FELT RESISTANCE AT 505 AND DROPPED AND FURTHE IF IT CLOSES BELOW 482 THE A SMALL CORRECTION TO 455-465 MAY HAPPEN.A CLOSE ABOVE 505 A DECENT UPTREND WILL TAKE THIS TO 555-560