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Fan Yang

Axis Capital Holdings (AXS) in a Bullish Breakout From Consolidation

Axis Capital $AXP is breaking above a consolidation range that started in late 2017 after price fell below $60-$61 pivot. Price eventually fell to $48 in early 2018, and has been ranging between these two levels since. 

AXS Daily Chart

(click to enlarge)

Bullish Breakout:
- Looking at the daily chart, we can see that the sideways range since late 2017 is failing to hold its resistance against the most recent bullish attack.
- Note that in May price came up to the $60-$61 level and cracked it, but consolidated under it for a while.
- After $58 pivot showed strong support a couple of times, price is now pushing through the $61 resistance
- The overall picture, with price above the moving averages and the RSI holding above 40 after tagging 70, is a bullish one.
- The volume is a bit light, but perhaps volume will follow when there is a more clear bullish breakout.
- In this scenario, price would be opening up the $69-$70 highs from 2017. (refer to the weekly chart).
- On the weekly chart, we can also see that the bullish trend would be in-line with the long-term, which consolidated in 2017-2018. 
- Price action in 2019 could be part of a bullish continuation of the earlier trend. 

AXS Weekly Chart

(click to enlarge)

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