Channel in Axis Bank - June 23rd

Axis Bank formed a Channel, price tried to break the resistance line 5 times but failed every time! In the last resistance test also, there were no good volumes at the peak. so, this may not be considered as a Wolfe Wave. Look out for shorting oppurtionities (pivot low break downs etc) as the prices moves to test the support. But when the support is broken down with good volumes conviencingly, this would be a good short entry point with a target of 640-650 levels

If the resistance line is taken out, which seems unlikely though, then it could become strong support. Below is the Hourly chart Axis Bank: