One of the famous Banking Stock which is a part of both Nifty and Bank Nifty is experiencing some radical change in Price Action.
We are talking about Axis Bank, the share prices tanked after reporting Q4 loss. Within few candles after the announcement, prices dipped by nearly 4%
Take a look at the Price Action analysis on the chart
AXIS Bank – Price Action Analysis on 2h Chart
Notice how the stock prices broke below the Parallel Support zone at 865, following the announcement of results.
We can see a good momentum and selling pressure on the Price Action.
Most of the traders and investors, who have taken long position within the previous upward range, are likely trapped by the recent Price Action.
To learn more about Trapped Traders Price Action strategy, checkout the video link given below.
In my perspective, if the selling pressure further continues to the downside, we may see consistent bearish sentiment in the Stock.
There’s also a possibility of Stock prices trading within a corrective range or sideways movement in upcoming days.
So what do you think about Axis Bank? Can it go further to the downside or will it turn around and continue to climb new highs? Let me know your thoughts…
