This is a daily chart for YES BANK LTD (YESBANK) as of May 9th, 2025.
Here's a technical analysis of the chart:
Falling Wedge Pattern:
The stock was in a clear downtrend, forming a falling wedge pattern from approximately February 2024 to early 2025. A falling wedge is often a bullish reversal pattern when it occurs after a downtrend.
The price broke out from the upper trendline of this falling wedge around January/February 2025.
Inverted Head and Shoulders Pattern:
Following the breakout from the falling wedge, an inverted head and shoulders pattern appears to have formed. This is also a bullish reversal pattern.
Left Shoulder: Formed around February 2025.
Head: The lowest point, formed around late February/early March 2025.
Right Shoulder: Formed around April/early May 2025.
Neckline: The neckline of this pattern is approximately at the 19.41. The price is currently testing and attempting to break out above this neckline.
Volume:
There's a noticeable increase in volume on the recent candles as the price challenges the neckline of the inverted head and shoulders pattern. This is a positive sign and can add conviction to a potential breakout.
Support and Resistance:
Immediate Resistance: The neckline area of 19.41 - 20.02 is the critical immediate resistance. A decisive close above this level is needed to confirm the breakout.
Next Resistance/Target: The chart indicates a potential target of 22.73 based on the height of the inverted head and shoulders pattern (approximately 3.33 points) projected upwards from the neckline.
Support:
The lows of the right shoulder (around 17.50-18.00) would act as initial support.
The low of the head (around 16.02) is a more significant support level.
The upper trendline of the previous falling wedge could also offer support if retested.
Interpretation:
The chart for Yes Bank shows multiple bullish reversal signals.
The breakout from the long-term falling wedge was the first sign of a potential trend change.
The formation of the inverted head and shoulders pattern further strengthens the bullish case.
The stock is currently at a crucial juncture, attempting to break out above the neckline of the inverted head and shoulders. The increased volume is supportive of this attempt.
A sustained close above ~20.02 would confirm the breakout and suggest a potential move towards the target of 22.73.
Failure to break out or a rejection from the neckline could lead to a retest of lower support levels.
Disclaimer: This technical analysis is for educational purposes only and should not be considered financial advice. Always conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions
Here's a technical analysis of the chart:
Falling Wedge Pattern:
The stock was in a clear downtrend, forming a falling wedge pattern from approximately February 2024 to early 2025. A falling wedge is often a bullish reversal pattern when it occurs after a downtrend.
The price broke out from the upper trendline of this falling wedge around January/February 2025.
Inverted Head and Shoulders Pattern:
Following the breakout from the falling wedge, an inverted head and shoulders pattern appears to have formed. This is also a bullish reversal pattern.
Left Shoulder: Formed around February 2025.
Head: The lowest point, formed around late February/early March 2025.
Right Shoulder: Formed around April/early May 2025.
Neckline: The neckline of this pattern is approximately at the 19.41. The price is currently testing and attempting to break out above this neckline.
Volume:
There's a noticeable increase in volume on the recent candles as the price challenges the neckline of the inverted head and shoulders pattern. This is a positive sign and can add conviction to a potential breakout.
Support and Resistance:
Immediate Resistance: The neckline area of 19.41 - 20.02 is the critical immediate resistance. A decisive close above this level is needed to confirm the breakout.
Next Resistance/Target: The chart indicates a potential target of 22.73 based on the height of the inverted head and shoulders pattern (approximately 3.33 points) projected upwards from the neckline.
Support:
The lows of the right shoulder (around 17.50-18.00) would act as initial support.
The low of the head (around 16.02) is a more significant support level.
The upper trendline of the previous falling wedge could also offer support if retested.
Interpretation:
The chart for Yes Bank shows multiple bullish reversal signals.
The breakout from the long-term falling wedge was the first sign of a potential trend change.
The formation of the inverted head and shoulders pattern further strengthens the bullish case.
The stock is currently at a crucial juncture, attempting to break out above the neckline of the inverted head and shoulders. The increased volume is supportive of this attempt.
A sustained close above ~20.02 would confirm the breakout and suggest a potential move towards the target of 22.73.
Failure to break out or a rejection from the neckline could lead to a retest of lower support levels.
Disclaimer: This technical analysis is for educational purposes only and should not be considered financial advice. Always conduct your own thorough research and consult with a qualified financial advisor before making any investment decisions
Disclaimer
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.
Disclaimer
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.