AXIS bank shows a potential breakout from a previous 2 year old resistance zone. Looks like it is forming
inverse Head and should pattern on weekly timeframes with neckline same as the resistance zone with potential to break out upside
If it worked out.Momentum and Trend indicators are showing bullishness on all timeframes now.Enter only on confirmation
of...
What is 'Flag' Pattern?
A flag chart pattern is formed when the market consolidates in a narrow range after a sharp move. Usually a breakout from the flag is in the form of continuation of the prior trend. Flags give very high risk reward ratio which means relatively small risk and high and quick profits.
The flag pattern could be bullish or bearish pattern....
The descending triangle is formed in the Axis Bank stock. keep an eye on the breakdown with good volumes.
If a breakdown happens with the rising volume you can short with a target of 763 approx.
for more analysis on stocks .
Observe the channel Axis Bank is beautifully following. Good long opportunity above 796. Or it can follow the channel for one more day, in that case short below 785.
