Axis Bank is trading at its 52-week high and all-time high. There is no resistance on the upper side. Volume is increasing.
The relative strength index is above 60 daily, weekly and monthly.
The cup and handle pattern is visible.
If the prices retest the neck level, 987 - 985, it would be a good entry-level with a target level 1045. We can achieve a 4 risk-to-reward ratio if the trade goes positive.
Even after stretching the stop order below the previous swing low, the risk-reward ratio would be more than 2.
Stop loss can also be trailed as the price moves upward.
The relative strength index is above 60 daily, weekly and monthly.
The cup and handle pattern is visible.
If the prices retest the neck level, 987 - 985, it would be a good entry-level with a target level 1045. We can achieve a 4 risk-to-reward ratio if the trade goes positive.
Even after stretching the stop order below the previous swing low, the risk-reward ratio would be more than 2.
Stop loss can also be trailed as the price moves upward.