Axis bank has started it's final wave 5 to new highs. A good buying opportunity (from long term perspective) could arrive IF it comes to retest the upper trendline of the latest correction (as shown by arrows).
A change to the wave count on Axis, The fall 5 waves down remains in tact till the high of wave 5 holds which is at 577. The triangle pattern that I marked as wave B is wave b of 2 i.e. part of the up move and not the end of it. So today we are making wave c of 2 up and are at 78.6% near 564. Once wave 2 up is over wave 3 down to 500 should start.
Hey Guys,
As you can see from the chart we have a completed bearish cypher formation and price is staying above our usual entry level in Axisbank . We can take this trade now also, bcos it gives us the advantage of reduced risk reward, so even incase of loss we will be losing lesser compared to what we lose if we enter @ Usual entry level.
Moreover, you can...
This is the trading plan for Axis bank.
Share is moving in up trending channel, price has broken structural highs on daily chart. Shorting such up trending share will be risky. Supply zone, Momentum Indicator, Gann line and candle stick analysis to take short or long trade.
If we close above current supply zone the one can long share keeping the next...
AXIS Bank is currently at the resistance of the trend channel.
Expecting a pull back to mean revision
RSI at triple top,
which can also be considered at divergence
as prices have made higher high.
Amid general murky environment for bank stocks, Axis Bank stock has been impressive with 100 % retracement from the lows near 375 / 400 area to the greater resistance zone of 525. SBI and ICICI bank are still scrapping the floor while Axis Bank is so ebullient. But SBI and ICICI has their own problems to deal with because of bureaucratic interference. Their...
