14 Week RSI shows weakness in the stock. In previous rally AXIS BANK touched Rs 1287 as high when RSI was 71.24 and now at new high Rs 1396 RSI is only at 69.48. In-between RSI bottomed at 57.16 and now that bottom is under threat as currently RSI is 57.61 again. This is a negative divergence in Weekly RSI and it indicates bearish view on the stock.
Volumes are showing bearish pattern
AXIS BANK has been moving higher but volumes are not in unison, normally Volumes need to confirm the trend of prices. As volumes are dipping with rising prices, a trend reversal is expected in AXIS BANK. Trend line support for weekly graph is at Rs 1275 currently.
- Strong uptrend of AXIS BANK may be reversing
- RSI is showing latent weakness but price breakdown is pending
- Breakdown below 100 DEMA as well as Trendline in Weekly graph is near same levels at Rs 1250 and below that trend may reverse