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Axis Bank Update

4 Sep 202007:19 AM

Axis bank fell back to near 457, the 20dma, yes 61.8% should have held but did not, no one is god. But this is the last straw. After the breakout from the ascending triangle the decline can appear like a false breakout. But the decline is also on the back of very little volume. So it does not appear like panic selling yet. It could be a normal pullback if 457 holds ground on closing basis. A move back above 485 the yellow breakout line would add weight to the bullish ascending triangle setup.

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