Yes bankremoval of CEO (negative news)
market will react for sure
short below 312
target 286
target 257
then trail stop loss
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SHORT YESBANK Yes Bank looks weak both in Weekly and Daily chart. Previous supply area can act as the support.
Entry: 323
Target: 287
SL: 343
Horizontal Support zoneYes Bank can be bought near 328/324 positionaly for Target 360/372..
Don't buy if broader market is too week..
Yes Bank - Long position in futures(This analysis and prices mentioned are of YESBANK 27th SEPTEMBER FUTURES though the charts and prices in this post are YESBANK SPOT. Make necessary adjustments depending on the relevant market. On August 31st September futures closed at 345.9 and Spot closing price was 343.5)
Long on YESBANK September futures @ 242
Reasons for going long:
After a 6-7% fall in one day it should correct upwards... I hope...
Today's drop brought it down to the 50% retracement of its rise from 285 (23rd March) to the high of 404 (20th August) which can be seen on the weekly chart on the left
The weekly candle closing price is resting on the Kijun Sen line and the low bounced off the top of the Ichimoku Cloud
Daily candle low (31st August) was just above the 200 Simple Moving Average - can be seen as a yellow dotted line on the Daily chart on the right
The 1 hr chart shows a bullish cross over just starting on the 7-2 period Random Walk Index
Current price is in the range of 330-345 which provided support during its consolidation before it took off on 5th July
Maximum Call OI addition (on 31 August) is at strike price of 370 followed by 360. Maximum number of Call contracts are at 400 strike.
Maximum Put OI addition is at 350 so I guess the expectation is definitely of a rise
In the short term: SL could be placed at just below 323 with Targets of 355/361/367
357 is the 50MA and 360 is the bottom of the Ichimoku Cloud. These price levels could provide resistance in the short term.
Longer term targets could be 380/385/404/422
yes bank shortt1- 370.10
take a short position if and only if it breaches t1. t2 would be the targets.
YES BANK BREAKS ONE AND A HALF YEAR OF CONSOLIDATION !! LOOK AT THE BIGGER PICTURE PRICE BREAK THE ONE AND A HALF YEAR OF CONSOLIDATION AND READY TO MAKE NEW HIGHS !! NOW RESISTANCE TURN INTO THE SUPPORT AND PRICE IS LOOSING MOMENTUM AT NEW SUPPORT WHICH INDICATE PRICE MAY BOUNCE OFF!!
Yes bank - Rounding top!Sell below 381 with the stop loss of 384. Targets are 378, 375 and 372. Buy above 387 with the stop loss of 384. Targets are 390, 393 and 396.
