June 17, 2019 / 5:18 AM / 4 months ago

BUZZ-India's Axis Bank at 3-week low; chart suggests end of uptrend

** Shares of Axis Bank Ltd fall as much as 1.7% to 787.9 rupees, their lowest since May 27

** Stock breaks below a support at 803.48 rupees, the 7% Fibonacci retracement level on the uptrend from April 27, 2018 low to June 4, 2019 high tmsnrt.rs/2XPCOY9

** Stock breaks below its 20-day exponential moving average

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

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

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

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

** Stock up 29.3% this year as of last close, compared with the broader NSE Index’s 8.8% gains in the same period

Reporting by Gaurav Dogra

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