We suggested yes bank to turn bearish in near term on 21/02/2013. The stock broke below bearish H&S pattern same day and was not able to cross 500 odd levels now trading around 431. Our targets for the entity was 444 which was achieved.
Yes Bank Daily Chart
Yes Bank Weekly Chart
The counter in near term reaching the support zone of 4 _ _ - 4 _ _. There can be a short covering bounce of 6 - 8% in the entity in 10 - 15 trading session if the support zone is held. The short term immediate support is seen in the fibonacci retracements 38. 2% of the daily and weekly charts shown below.
Yes Bank Daily Fibonacci Chart
Yes Bank Weekly Fibonacci Chart
The worst case scenario can be 3_ _ odd levels for the counter which is also a _ _% retracement on the daily and weekly charts, If the further carnage is seen in the entity.
So long traders can wait for the positive divergences in price and technical indicators in the entity to enter long positions. It is advisable for short traders holding the positions to book profits in few trading sessions.
Raju V Angadi
Equity Research Analyst
Fortuna Financial Boutique (FFB)
Bangalore, India.
Few counts have been intentionally omitted. To know more about probable counts contact us back of http://fortunfin.com/contact-us or e-mail us on research@fortunfin.com or rvangadi@fortunfin.com.
Disclaimer: This is just an view based on the research of individual. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.
Where is yes bank heading towards technically looking weak .... what would be eventual targets ? To know about it contact us back on www.fortunfin.com
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