Yes Bank: Is it only a pullback or a change in trend?
Updated
Monthly witnessed a green engulfing candle in October after a great fall with a long lower wick which shows a strong downside rejection.
Weekly is at a minor resistance level, rejected it last week. There is a recent TL break also, which can possibly show a reversal. The view is mixed with more weight to towards the bearish side as the higher TF is weak and a nominal bearish RSI divergence.
Daily is getting choppier at the weekly resistance level. If the TL is broken again, we can see a good fall again in
YESBANK. We will wait for EMA crossover before entering a short with SL of 73 and a 1:1.5 target.
Weekly is at a minor resistance level, rejected it last week. There is a recent TL break also, which can possibly show a reversal. The view is mixed with more weight to towards the bearish side as the higher TF is weak and a nominal bearish RSI divergence.
Daily is getting choppier at the weekly resistance level. If the TL is broken again, we can see a good fall again in
YESBANK. We will wait for EMA crossover before entering a short with SL of 73 and a 1:1.5 target.Note
Price is choppy at Resistance levels in Daily. An Ascending Triangle pattern can be spotted in 75 mins. A break below it can give us a short opportunity.
Trade closed: target reached
Nice easy 1:2 RR Trade in #YesBank. Refer thread for complete breakdown!
Note
58 now. 15% down.Note
47 now. Finished
Chartered Accountant | Trader | Trainer
| afzallokhandwala.com
| afzallokhandwala.com
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