YESBANK trade ideas
YESBANK: Second bottom completed hereSecond bottom completed at ₹37 level. Will move upwards to complete wave (iv). Though chances of going up to 100 possible, reversal to form wave (v) will happen anytime from 75 onwards. This is just theoretical estimate. May vary according to market conditions.
Held a support on down trend today. In the worst case I would expect it to touch 32.85 in a couple of days. By May, if not earlier, target will be 56.
YES BANK - HEAD AND SHOULDERS - WEEKLY SUPPORTYes bank has formed head and shoulder pattern wherein the price is at the neckline.
At the same time price is at the top of the channel.
Levels of 42 are critical support levels as it is neckline as well as weekly support level.
if we get daily closing below these levels then price can go all the way to 29 levels.
So keep watch on the volumes / levels to trade forward this stock.
Opportunity on YESBANK.Support and Resistance Channel is narrowing and have chances to break the nearest resistance 98.7 and it opens above 115 go long with SL 100 And TARGET 150.
YESBANK: As I said nearing second bottomWhen I posted a chart on YESBANK on 17-11-19, the price was 68.70.
I said that YESBANK will form triple bottom. Now it has came all the way down to 40 to find the second bottom. CMP - 43.55. The stock price is not yet out of woods. Chances for some 3 rupees up (47) and then 8 to 10 rupees down(36-38). If it goes up from this level or after finding bottom at around 36 it will move up to 80-100 rupees and then come down to form the third bottom. This is according to my EW knowledge and labelling. Do your own analyses based on price action and act accordingly.
YES BANK BUY TREND NOWYES BANK SHARE PRICE WILL MOVE FROM 49.50
BUY ABOVE 49.50 TARGET 53.50 TO 53.80
IN TREND CHANNEL SUPPORT WILL MOVE TILL TREND CHANNEL RESISTANCE
WILL SEE THE MOVE :-) NSE:YESBANK
Long YES BANKYes bank not breaking support . I think holding positions up to march/april will do. It can go up to the resistance mentioned at the arrow . Also SMA 50 and 200 can form golden cross again . The thing we have to take care of is the day when EPS comes around 13 jan the stock may crumble . If the stock holds through the week of EPS distribution the chances of charts forming golden cross(When 50 SMA crosses above 200 SMA) rises and stock can go up to 150.
REVERSE TO BANK NIFTY YES BANK HAS STEPPED OUT OF TREND LINENOT GOOD FOR YES BANK UNLESS IT REVERSES ITS DIRECTION.
MUCH DOWN SIDE MAY BE POSSIBLE
