Yesbank has been struggling with the bears from poor results. Seems like a good gains from range of 125-30. (Aiming for 300-310 if hold on technicals).
current rend - Downtrend/bearish
RSI oversold on till daily charts.
Consider fundamentals and enter with confirmations.
This Chart was prepared at the start of 2019 when I started trading futures on Yes bank and saw a particular pattern which played that no matter what, the stock respects the MAJOR S/D levels.
Apart from that, fundamentally, the company`s quarterly results were the cause for the major plummet from mid 200 to the current levels and prior to that the push was...
Can't stress this enough, highly against the primary trend trade, manage your risk well.
Wicked it's low at bi-weekly demand order-block (support)
At a high volume node
Weekly closed 10% above weekly low, tempting me to take a long call on it with well managed risk.
Target - 213.5
STOP - 159
Interesting thought for reality check:
Yes Banks current...
THERE IS A VERY GOOD SUPPORT AT -
159 AND 140 AND 118. TRY TO BUY AT THESE LEVELS.
AS PER THE CHARTS, THERE IS A TENDENCY FOR THIS SHARE TO REACH 227 & 232 LEVELS.
REASONS COULD BE FUNDAMENTAL IN NATURE.
Target 400 plus
Long suggested ABOVE 290.
1) Nice rounding bottom formation.
2) Shorter MA crossed 50/100/200 ma.
3) Bull candles accompanied by above average volumes and pullbacks accompanied with low volumes.
4) Long suggested above 287 which is the last key notable resistance zone. Ideally above 290 to give room for false...