Share price of Axis bank rose steadily since March 2016. Market climbed from 370 per share to 480 per share value an approximate 113.38 points increment. Price action provided some midterm swing trading opportunities for speculators. Though the buying pressure is dominating the market sentiment, Investors are still cautious to ride the stock. Current price value of Axis bank is 469.90.
Below is the Weekly chart of Axis Bank with Price action analysis and Key levels.
1. Axis Bank took support at 370.00
After an abrupt selloff, Price action took stimulus support at 370.00 – An earlier key level. Axis bank broke the custom-made exponential moving average at 400.00. This movement turned into positive mechanism, influencing the bullish momentum in Axis bank.
2. Price action broke above the 25 period EMA
To confirm the strength of buying pressure, Axis bank broke above the 25 period EMA. Price action made successive gains for next 5 weeks, rising up to 76 points. Later market stagnated at resistance key level 450.00.
3. Retest at 25 period EMA
Price action retested the EMA to confirm the strength of buyers. Market constantly tests the buying and selling pressure to find liquidity and market sentiment. Axis bank jumped 68 points as a result of pretest, which indicated the sustainable momentum of buying pressure.
4. Price action is testing the resistance zone at 460 – 480.
Market is testing the Resistance zone between 460 – 480 key level. Resulting price action can offer potential clues about market sentiment and future direction of Axis bank. Traders should focus on Price action at this zone for potential trading opportunities.
