Axis Capital Holdings $AXS has been recovering since it almost tagged a low of $48 a share in December 2018. However, we should still consider the prevailing bearish pressure as well as resistance factors as it traded around $55 during the 1/23 session.AXS Daily Chart(click to enlarge)Bearish Bias:- When we look at the daily chart, we can see a market that has been sideways since September 2017. - However, the market was bearish before that. - Furthermore, price action in late 2018 broke below a key pivot above $52, which broke the price bottom attempt in early 2018. - The market is now back to neutral-bearish mode. - Because of the bearish bias, we should not expect price to push back to $60, especially if the overall market is in risk averse mode. Resistance:- The $54-$56 area involves a falling trendline.- This is also the middle of the moving average (200-, 100-, and 50-day) cluster.- Finally, the $56 area can be assessed as a middle pivot of the general 2018 range, which was roughly between $54 and $58.- There is still a chance that price will fall back to at least $50. - A break below $50 below would suggest downside risk to the 2018-lows around $47.50-$48. Bullish Scenario:- If price breaks above $56, I would start limiting the bearish outlook. This scenario would make me respect $50 , or even the $52-$53 area as support.