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NeeteshJain
Jun 26, 2017 6:01 AM

YesBank - Bearish Flag Pattern in Progress Short

BSE:YESBANK1D
YES BANK LTD.BSE

Description

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It is been observed on the Daily Chart that the price action is forming a bearish flag pattern, which indicates the continuation of the trend. In this situation, the price action is trending down prior forming flag pattern and now once it formed and breaks below it, indicating further weakness ahead.

Target 1: 1400

Target 2: 1375

Stoploss: 1470

Trade active

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After a gap up opening, it has started to slide down.

Trade closed: target reached

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Target 1 was met yesterday as well as Today at opening.

Now, if it continues to hold below 1470 levels then we may see Target 2 coming, and once it breaks above the 1470 levels then there will be a trend change.
yesbankflagsbreakout
Comments
RJUN
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Yesbank is forming the exact same pattern as seen on the previous trend. Todays move Lies on 2016-11-1....am amazed :)
NeeteshJain
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@RJUN, Yes, it shall further dip down tomorrow.
RJUN
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@NeeteshJain, for sure..its that bearish that am worried whether it even tests 1420 or not.
NeeteshJain
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@RJUN, Well made chart, It is exactly that I'm looking at. Thanks for sharing.
RJUN
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@NeeteshJain, mmm, but this Expiry Thing, Makes Every Sure Pattern to Fail :/
abhinavk31
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Hi, it has been bullish tday... Any fresh views? Should I average out?
NeeteshJain
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@abhinavk31, Until it breaks and closes above 1470, which is another 20+ points, it will remain weak.
chandu_Trade
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@NeeteshJain, can I go short at 1468/- and SL 1470
bhaskaraddanki
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@NeeteshJain, Sir,can we expect yes bank to fall from 1520 to 1500/1490 region in coming days?
NeeteshJain
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@bhaskaraddanki, Once it closes below 1500 levels then it shall dip further, currently consolidating. Thanks
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