fcsa

YES BANK - Time to go long

Long
NSE:YESBANK   YES BANK
Good time to go long for a positional trade. SL below 325 on closing basis. Then just wait for a surge up. Targets could be 341/351/365/370 etc ( futures prices July contract).

- Yes has been taking support at the 100 MA for the past 4-5 weeks.
- Stochastics look good.
- MACD ( daily chart ) showing signs of a bullish crossover
- Inverted Head & Shoulder formation still valid with price at the shoulder currently. Neckline is at about 370 ( futures price July contract)

Ref to:
Trade active: Long since 329 (futures July contract)
Comment: I have been looking closely at Yes Bank for about 2-3 weeks now and am building up long positions in the spot and futures markets.
Comment: Yes Bank is moving beautifully. Someone who went long the moment I posted would be making about 7000 profit in the futures market. My long positions in spot and futures are working out very well.
Comment: 341 - first target. Still holding. Mine is a positional trade
Comment: SL for the next few days could be below 327.4 (July contract prices)
Targets: 351/358/365/370/380
Comment: Highest Open Interest addition is at 330 & 350/360 (spot prices). These could be the basis for setting SL & Targets for Monday 2nd July.
Trade active: Targets for 2nd July:
T1 = 346
T2 = 351
T3 = 355

(Futures July Contract prices)
Trade active: Holding long position
Trade closed manually: Closed @ 346 futures price. Will re-enter depending on price action
Trade active: Long again @ 348.5 futures price
Comment: Target 1 & 2 achieved in futures. Holding long position
Trade closed: target reached: Closed @ 258 (futures)
Comment: Entered long again in futures @ 357
T1= 367
T2= 373
T3= 380/383
Trade active: T1 367 achieved in futures. Holding long position
Trade active: Next targets (futures): 369 & 378-381
Comment: Highest Call OI: 380 (spot)
Highest Call OI Additions: 390

Highest Put OI: 340
Highest Put OI Additions: 350 followed by 360

These (spot prices) could form the basis of SL/Targets going forward
Trade active: Target: 369 (futures) achieved. Holding long position
Trade active: Yes Bank has broken the highs of Jan & Apr 2018

Target for today: 377 (July futures)
Trade active: Reduced target to 372
Trade closed: target reached: Closed @ 272 (July futures)
26k per lot on multiple lots. Good trade...
Comment: I never ride momentum. I prefer positional trading at the tops and bottoms of trends. In Yes Bank one rode almost 30 points since June 28th. That's about 50k per futures lot. And I trade in more than one lot if I am convinced about my analysis and the actual price action. Feels good to have caught the trend when it was still consolidating.
Comment: T3 380 achieved in July Futures
Comment: Yes Bank is in the overbought phase as suggested by candle structure, stochastics, RSI etc. Levels I am monitoring before going long again are:

372/363/356
(July Futures prices)
Comment: Yes Bank has formed a Double Top. Low risk short with SL above recent tops. Targets: 373/365/358
Trade active: Shorted @ 384 (July Futures)
Trade closed manually: Closed SL hit at 386
Comment: Entered Long in July Futures
Comment: Yes Bank has climbed almost 60 points since I posted this analysis. In futures that would be worth just over Rs 1 lakh

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