Started U-turn in Axis Bank from 517 - Early Morning even updated that there is small sideways happening so look to trade above the level of 526- made session high@531
Likely Axis Bank too is giving an impression of a triangle in current wave sequence. Let us see whether Axis Bank gets support above 513-which is key level & recent swing low.
Trading Strategy 1
513 -key level as short term support - we could see a bounce in the zone 530-535 zone.
Trading Strategy 2
Once it goes close to 535-540's zone - Keeping 545 as...
AXISBANK FORMED H&S PATTERN IF ABLE TO HOLD CURRENT LEVEL THEN AXISBANK WILL UP BUT 545 ALSO RESISTANCE THAT NOT EASY TO CROSS.. OR IF BREAK 510 THEN AXISBANK WILL HIT 490-470 IN NEXT 10 DAYS
Keeping it very simple for a long time axis held on to a very important support i.e 519.. As they say for chart reading go from left to right. Now Axis faces resistance @ 534 its 11 day EMA if axis opens and stays above it Axis will hit 548 which is its next major resistance i.e its 23 day EMA. Stoploss for this upmove is 525. Best of luck!
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.
