Yes Bank to make new all time lows.

anmolteja Updated   
Yes Bank is very likely heading towards making a new all time low if the minor support of 45 is broken. We are seeing the same pattern in price action as we saw in August-September. It has not given a closing above the upper trend line since the start of this channel. We can only expect to see an upwards move if we see a closing above 57 on daily chart with heavy volumes and delivery. If you are long in Yes Bank then it's best to exit right away or when the red support line gets broken. Risky traders can place shorts at CMP with SL being a notch above upper trend line (closing basis). Safe traders can wait for the 45 support to get broken and enter shorts accordingly. I will update the post as we see changes in price action when market opens on Tuesday.
Stay away from Yes Bank at the moment. Buyers might get trapped. Let it move back to the channel or break 50 EMA. Keep an eye on Yes Bank Q2 results. Not expecting anything good. I believe massive dumping of shares were done on 30th Sept and 1st Oct for a reason.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.