Scrip: Axis Bank | Exchange: NSE | Timeframe: Daily
Summary:
Price is approaching a significant resistance level at ₹1115, which was the high of the July 18th gap-down session. A high-volume breakout above this level could trigger a move to fill the gap up to ₹1154. Conversely, a rejection at this resistance could lead to a decline.
Price Action Analysis:
Key Resistance: ₹1115 (The high of the massive gap-down day on July 18). This is the key level to watch.
Gap Analysis: The gap exists between the July 17 low (₹1154) and the July 18 open (₹1090). The first major hurdle to filling it is overcoming the ₹1115 high from that same day.
Key Support: ₹1050 (Recent Swing Low).
Scenario 1: Bullish Breakout (Gap Fill Play)
This scenario requires a true breakout, confirmed by a strong volume surge.
Trigger: A daily candle closing decisively above ₹1115.
Volume Confirmation: The breakout must be supported by significantly higher-than-average volume. This is essential for a "true" breakout and confirms real buying pressure.
Entry: High of the breakout candle (on closing basis).
Stop Loss: Low of the breakout candle.
Target: ₹1154 (To fill the July gap).
Scenario 2: Bearish Rejection (Resistance Hold)
This scenario plays out if the ₹1115 level holds as strong resistance.
Trigger: A clear bearish reversal candlestick at the ₹1115 resistance (e.g., a Shooting Star or Bearish Engulfing pattern on the daily timeframe).
Entry: Low of the reversal candle.
Stop Loss: High of the reversal candle.
Target: ₹1050.
Disclaimer: This is a technical analysis idea and not financial advice. Trading carries a risk of loss. Past performance is not indicative of future results. Always conduct your own research and manage your risk appropriately.
Summary:
Price is approaching a significant resistance level at ₹1115, which was the high of the July 18th gap-down session. A high-volume breakout above this level could trigger a move to fill the gap up to ₹1154. Conversely, a rejection at this resistance could lead to a decline.
Price Action Analysis:
Key Resistance: ₹1115 (The high of the massive gap-down day on July 18). This is the key level to watch.
Gap Analysis: The gap exists between the July 17 low (₹1154) and the July 18 open (₹1090). The first major hurdle to filling it is overcoming the ₹1115 high from that same day.
Key Support: ₹1050 (Recent Swing Low).
Scenario 1: Bullish Breakout (Gap Fill Play)
This scenario requires a true breakout, confirmed by a strong volume surge.
Trigger: A daily candle closing decisively above ₹1115.
Volume Confirmation: The breakout must be supported by significantly higher-than-average volume. This is essential for a "true" breakout and confirms real buying pressure.
Entry: High of the breakout candle (on closing basis).
Stop Loss: Low of the breakout candle.
Target: ₹1154 (To fill the July gap).
Scenario 2: Bearish Rejection (Resistance Hold)
This scenario plays out if the ₹1115 level holds as strong resistance.
Trigger: A clear bearish reversal candlestick at the ₹1115 resistance (e.g., a Shooting Star or Bearish Engulfing pattern on the daily timeframe).
Entry: Low of the reversal candle.
Stop Loss: High of the reversal candle.
Target: ₹1050.
Disclaimer: This is a technical analysis idea and not financial advice. Trading carries a risk of loss. Past performance is not indicative of future results. Always conduct your own research and manage your risk appropriately.
Trade ist aktiv
Breakout happened. Needs a good close above the Resistance on daily timeframe now.Trade geschlossen: Ziel wurde erreicht
Target reached. Can partially take profits and keep trailing :)
Haftungsausschluss
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Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.