The price action shall come further down to 536 levels which is a 38.2 percent retracement level where a bounce in price action may be seen. If it does not retrace back at 38.2 levels then .50 levels can be seen at 500 price levels due to strong selling pressure.
Key Takeaways:
1. Price action breaks out from the upward trendline, indicates change in trend.
2....
Till Nifty opens we have time, so lets check some stocks also....Simpler the Better. If things are simple easier to understand & much easier to follow the plan with discipline, as there is no violation of plan, winners increase. In AxisBank we have couple of trendlines and both cross their path around support zone, so higher chances of price reversal in the...
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.
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
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 !
