Axis Bank in uptrendAxis 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).
AXISBANK
Axis Bank (Short Intraday)After confirming a 20 SMA crossover and breakout from previous support, it surely a sell for now to a target of 538
Short AxisBank : Bearish Cypher & Double TopHey 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 also notice that there is double top formation and the bearish side confirmation with the downward move. If you check on RSI it is also showing bearish divergence which makes double top more valid to enter the trade.You can short based on Bearish cypher or doubletop as entry reason in Axisbank.
Am not sure how the market will open today, so if there is gap up below stops zone - Am planning to short Axisbank .
If gapdown happens below usual entry level I wont take this trade.
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Thanks for your support ! Happy Trading !
Axis Bank trading Plan
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 supply zone as target. Its important to use trailing stops.
Trade levels are mentioned on chart.
AXIS at the top end of it's price channel.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.
