Yes Bank

25/09/2011 09:24

The chart of Yes Bank is disturbing and has shown many bearish signals in its weekly chart.  Share price has been receding with more volumn than the day of advancing.

The first one, the price is on the brink breaching its trading zone of months.  Since it is on the lower band of its trading range, it qualifies to initiate a  trading bet. The trading position must be initiated with a stop loss.

Second, it has formed a double top & broke its neck line.  Top has been made with high volume.

Third, the recent downfall started with formation of spinning top & close below low of the spinning top on subsequent day.  This indicates, in terms of candlestick chart, has more downfall in the share price in the medium term.

Thus as of now, it is not a good idea for investment but to trade.