Rising Channel Breakdown; Currently at 38.2% fibo retracement of the recent up run, which is also a good support;
With RSI downward trending, if price breaks 253, the next supports are around 245, 230.
On the contrary, the trend can reverse only above 270.
The charts posted by me are only for learning and not for trading purposes!
I am not...
Yes, YesBank is trading @270 nearby that was made high 273.6 which stronger previous resistance.
I don't know buyers will lose control until targets 277.5. : This statement is true, then it will not break 268 also and will continue to move upward.
Don't ignore the R 274.1.
This footprint for a trader, who really like to trade on YESBANK.
Below chart has more...
Appointment of new CEO breathed fresh air in to the company. But, the latest news of RBI threatening action against Yes Bank leaves the lit candle in gusts of wind. The hope is bleak but I presume that Yes Bank will come out of this chaos one more time. So, taking a LONG position for 250+ by this month end. Fill that gap.
YESBANK has been moving with higher highs in trendline support. Currently resting at 50% levels from the previous move . One can go long once it closes above the bearish trendline a good RR trade . Consider invalid if breaks to the down side . Stop loss of 260 .
Yes Bank was in bearish phase from past few months but is recovering from bearish phase and entering in bullish phase and shown the rounding bottom breakout @269
Now we can buy it for long term target that is at 402 within 6 months that will be near to 50% returns from hear. Place Stop loss at 246.
YESBANK has been my favorite to trade for last 6 months since the fall from highs . Have been trading it in and out for many days . It is now moving in a parallel channel and resting on a support zone. Can go short at CMP or break of level .
Good candidate for short as long as it doesnt go over 238 levels .