Axis Bank at 3-week low; chart suggests end of uptrend

Reuters | Updated on June 17, 2019 Published on June 17, 2019

Shares of Axis Bank Ltd fell as much as 1.7% to Rs 787.9, their lowest since May 27

The stock has broken below a support at Rs 803.48, the 7% Fibonacci retracement level on the uptrend from April 27, 2018 low to June 4, 2019 high.

Also, Axis Bank stock has broken below its 20-day exponential moving average

The Wave pattern suggests that the stock has completed a three-wave uptrend and a three-wave downtrend has started

The stock had cut below its parabolic SAR on Friday, which signals possible reversal of the uptrend

In the near term, the stock has support at Rs 777.15, the 14.6% retracement level

MACD had cut below the signal line on Friday, which is a bearish sign

Axis Bank stock was up 29.3% this year as of last close, compared with the broader NSE Index's 8.8% gains in the same period

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Published on June 17, 2019
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