Friday, August 17, 2018

UNION BANK ELLIOTTWAVE ANALYSIS

PSUBANKS have been correcting ever since 2011.
Deep corrections and inbetween fast retraces .

This is weekly chart which shows price movement in slanting channel.
On larger degree WXY correction is on W contains wxy of a smaller degree.Presently trading in Y leg of WXY correction (Sky blue) .
100 is a strong hurdle for this stock a good move is expected above 100 .Lower channel support comes at 50-55 .Can this fall towards 55 time will say right now look for 100 if that fails to cross look for lower levels to come.PSU banks move together.
Overall offlate PSU banks have been buzzing so thought to put a wave prospective.

Thursday, August 16, 2018

AXIS BANK

Axis bank consolidated in a triangle for more than 
three and half years .














The stock tried breakout ,This a close above 641 would confirm 
break from triangle.laggard private banks are flavour of season.
icici bank is running so did axisbank need to see if this can close above 
641.The move can be huge above that ,No fundamental reason as such 
for such move yet ,Lets see if the stock can perform.Keep an eye.

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