Axis Bank was trading in a rising trend channel. The stock moved within the channel and got rejected within the similar range at around 820 forming a double top.
The stock first broke through the rising trend channel support at around 770 and followed it up with a retracement to the support line. The stock then broke below the double top neckline at 760. The breakdown was followed with a retracement back to the neckline.The target for double top is about 700.
The stock in its downtrend formed a bearish flag which was confirmed with the breakdown below 735.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
The stock first broke through the rising trend channel support at around 770 and followed it up with a retracement to the support line. The stock then broke below the double top neckline at 760. The breakdown was followed with a retracement back to the neckline.The target for double top is about 700.
The stock in its downtrend formed a bearish flag which was confirmed with the breakdown below 735.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
