Axis bank formed a head and shoulder pattern
A head and shoulders pattern is a technical indicator with a chart pattern of three peaks, where the outer two are close in height and the middle is the highest.
A head and shoulders pattern—considered one of the most reliable trend reversal patterns—is a chart formation that predicts a bullish-to-bearish trend reversal.
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AXISBANK trade ideas
AXIS BANK buy tgt 700 and aboveaxis bank structure is strong, since all the major indices are bouncing back nifty bank is one of the index showing a move ahead above 35000 mark.
axis bank will be one of the participant in this rally of bank nifty.
price setup:
axis bank is trading above its short term ema and above 50sma range. and can achieve the target above 700 to 720 near the 2hours 200ema.
indicators:
RSI - is strong and rising,
ADX- is greater the 20 and +DI is also confirming the trend and can conclude the momentum exists in the favour of bull,
williams %r: it is indicating that the trend can sustain above the range and can stay in the position.
to do:
buy near 670 to 675
stop loss 659.5
target - 694 / 700 / 720
Banknifty Major Components ReviewHDFC Bank
-From last two trading session volume is good
-Made bullish pin candle at bottom
-Respecting old swing low
ICICI Bank
-From last two trading session volume is good
-Outperformed and closed at 3.95% gain
-Made bullish candle on daily chart
Kotak Bank
-Among all the components this bank is very strong
-After results most of the day made green candle on daily chart
-1840 is breakout level and closed near the same level
-Potential target 1970
Axis Bank
-After mutual fund scam still managed to hold previous swing low
-Last session volume is good
-Swig low support maintained
SBI Bank
-Holding previous swing low
-Volume is good
-Potential target is 500
-Multiple times bounce from same support area
#banknifty #hdfcbank #icicibank #kotakbank #axisbank #sbibank
AXISBANK 4HRDaily & 4HR Alt Bat & 4HR Crab zone Strong POTENTIAL REVERSAL ZONE
Earlier Pattern given good reaction on Type1 entry & hit Both Targets
now price again came into PRZ Zone of Pattern it becomes a TYPE2 Entry which is REVERSAL
Price need to follow GREEN TREND LINE and hit Target 1 & 2 , else if Price BREAKS RED TREND LINE is EXIT
POTENTIAL BUY