Yesbank is in the process of forming a right shoulder of the famous Inverse Head and Shoulder Pattern. Risk Averse Investors can wait for the price to break the neckline as mentioned. SL would be the head.
I found this stock was falling from high value almost a year, the fundamentals are strong, this is a good stock for holding. If it bounce back and trades above 823 with a stable candle then the trader can enter into buy position.
Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods.
The patterns may be considered rising or falling wedges.
The patterns have an unusually good track record for forecasting price reversals.
Nifty changed -0.75 point during the week and made third consecutive Doji, this completes a Tri Star Doji Pattern.
Tri Star is a rare (more so on weekly charts) and significant pattern, indicates extreme indecisiveness. The pattern is generally followed by a trend reversal and sometimes strong trend continuation.
Nifty has actually moved some 14 points since...
As discussed last time, BNF is showing strong intent, although today was rather dull but expect it to ride this series off with some gains. We are still intending to short on next series but there not yet signals for that, so we are riding off the rally.