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Fan Yang

Axis Capital (AXS) - Expecting Another Bearish Swing Within Bullish Trend

Axis Capital $AXS is showing sign of further consolidation,and possibly a bearish swing. But I think the overall bullish trend means AXS would be a buy-the-dip candidate.

AXS Daily Chart

(click to enlarge)

Consolidation:
- On the daily chart, we can see that AXS has been bullish since late 2018 and throughout 2019. 
- There was a key resistance at $60, and AXS broke through this in July/August.
- Now, price is consolidation and possibly pulling back. So far price has held above $60, which is a bullish sign.
- However, price action this week included a bearish engulfing candle, which suggests the consolidation/bearish correction might not be over.
- If so, we can expect price to challenge $60 more strongly. 
- If $60 doesn't hold, the next key support will be around $58. This is a key support/resistance pivot and around the 200-day simple moving average (SMA). If this area holds, AXS would still likely be a bullish trend.
- If price indeed remains bullish, we should expect upside to $70, near the 2017-high. 
- If price falls below $58 however, I would put the bullish outlook on the shelf, especially if price falls below $56 and if $60 becomes resistance.

AXS Weekly Chart

(click to enlarge)

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