Axis Bank Ltd – Weekly Structure Testing Major Resistance

🔍 Current Setup Price is approaching a long-term resistance zone near ₹1320, coinciding with prior swing highs. The broader trend remains positive, but momentum is showing signs of fatigue near the top. 📉 Pattern & Momentum Read An inverse head-and-shoulders structure is visible, which generally supports bullish continuation. However, RSI is showing mild bearish divergence, indicating slowing momentum as price pushes higher. 📐 Key Levels to Watch Immediate resistance: ₹1320 zone Near-term support: 30-week SMA & rising trendline A sustained move above resistance is needed to negate divergence risk. 🧠 Interpretation While the trend structure remains constructive, price is at a critical decision point. Consolidation or a shallow pullback near support would be healthy unless RSI weakness deepens. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)