Have a look at the price action and reluctant move up off the recent lows. Doesn't look like buyers are interested in this stock. Caution is the buzzword until the price clears the recent high of 1,450
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Yes bank on tip of the triangle. Stoch and AO indicating on downside. MACD is not yet bearish cross over but it is still staying below 0 so consider as downtrend. Only the price action may decide the direction on Monday 17/10/2016.
It is been observed that the price action is been trending up in an upward channel. Today, the price actions opens gap down breaking the channel, indicating high selling pressure. Currently the price action retracing to fill gap where there will be a good opportunity to sell it again.
Target:1185
Stoploss: 1300
Risk Reward: 1:3
Well From the last update- As per the expectation- (b) looks to complete at 1305 & On Account of surgical operations on expiry day-29thSep2016- Yes Bank Melted from tops of 1305 to 1211- could be the start of down move & part of (c)-wave but its too premature to say anything at the moment.
It will likely be clear once it starts falling below swing low@1241. Will...
Likely we are travelling in B-Wave from 1449 top- which has completed A-Wave@1155 lows- Now we are travelling into B-Wave which is incomplete looks like it will subdivide itself into smaller a-b-c move.
Trading opportunity
There is flag forming -once it moves above 1250 -one can take 61.8% distance of the pole which is shown as blue line before flag as a target...
As markets aren't any good, we can't go in with exact directional trades except few scrips. YesBank had completely racy move and never looked back, so the market price action hasn't provided any proper support resistance zone. But still you can trade as mentioned above but quite risky. The Double Bottom mentioned above I wont prefer bcos support is very near in...
Yes Bank has broken out of a consolidation of few days. The RSI is quoting higher than its previous high at 1180 indicating a lack of divergence. Looks set to resume its upward journey.
