Axis Mutual Fund ETF Forecast
Evaluation of Axis Mutual Fund ETF downgraded after the last trading session.
(Updated on Jun 28, 2024)
The Axis Mutual Fund ETF price gained 0.0629% on the last trading day (Friday, 28th Jun 2024), rising from ₹381.66 to ₹381.90. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 1.03% from a day low at ₹379.83 to a day high of ₹383.74. The price has risen in 6 of the last 10 days and is up by 3.56% over the past 2 weeks. Volume fell on the last day by -2 thousand shares and in total, 3 thousand shares were bought and sold for approximately ₹1.04 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current horizontal trend, you can expect Axis Mutual Fund ETF with a 90% probability to be traded between ₹350.79 and ₹389.06 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and ETFS seldom manage to go directly from the bottom of a trend up to the top. ETFS turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AXISTECETF.BO Signals & Forecast
The Axis Mutual Fund ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹375.02 and ₹359.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 11.58%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Axis Mutual Fund ETF
On the downside, the ETF finds support just below today's level from accumulated volume at ₹359.51 and ₹358.12. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, Axis Mutual Fund finds support just below today's level at ₹359.51. If this is broken, then the next support from accumulated volume will be at ₹358.12 and ₹353.19.
This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved ₹3.91 between high and low, or 1.03%. For the last week the ETF has had daily average volatility of 1.59%.
Our recommended stop-loss: ₹363.38 (-4.85%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (AXISTECETF.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Axis Mutual Fund to open at ₹381.82, and during the day (based on 14 day Average True Range), to move between ₹376.07 and ₹387.73, which gives a possible trading interval of +/-₹5.83 (+/-1.53%) up or down from last closing price. If Axis Mutual Fund takes out the full calculated possible swing range there will be an estimated 3.05% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹359.51, some ₹22.39 (5.86%) from the current price of ₹381.90, our system finds the risk reward attractive.
Is Axis Mutual Fund ETF A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Axis Mutual Fund ETF to perform well in the short-term period. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 4.441 Buy Candidate Downgraded
Predicted Opening Price for Axis Mutual Fund of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹381.82 ( 0.0201%) | ₹381.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AXISTECETF.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 385.73 | 1.00% |
| R2 | 384.24 | 0.613% |
| R1 | 383.32 | 0.371% |
| Price | 381.90 | |
| S1 | 380.33 | -0.411% |
| S2 | 379.41 | -0.653% |
| S3 | 377.91 | -1.04% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 381.90 | |
| S1 | 359.51 | -5.86% |
| S2 | 358.12 | -6.23% |
| S3 | 353.19 | -7.52% |
FAQ
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