February 19, 2014

AXIS Bank Falling wedge breakout and Resistance levels

  • Axis bank has given a breakout from the Falling wedge pattern which was discussed in an earlier post.
  • There was a 50 point up move yesterday, But the volume increase although above average is not enough. There should be follow up increase in volume and price.
  • The stock is approachin crucial resistance levels like 50, 100 and 200 SMA between 1170 - 1200. Only a close above 1200 will confirm further strength for bulls.

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