YES Bank - Accumulation & Double Bottom

2021年9月5日

Weekly Time Frame - YES Bank has made a double bottom on the weekly time frame

Daily Time Frame - On the daily time frame, YES Bank is trading within a descending wedge. One can see stock consolidating around the level of Rs. 11 which is also the lower side of the descending wedge. If the stock sustains to trade and consolidate above the level of Rs. 11, a breakout of the descending wedge can come in mid or end of October'21 and we can expect YES Bank to test its 52 weeks high of Rs. 20.50.

Events that may trigger the breakout

1. FY 21-22 Quarter 2 results.
2. YES Bank may complete setting up its ARC after finalizing the 12 firms which have shown interest for the same.
3. Government rescuing Vodafone-Idea. YES Bank has around 4,000 Cr. of unsecured exposure in Vodafone-Idea because of which YES Bank's stock was under pressure after the resignation of Kumar Mangalam Birla from the post of non-executive chairman and director of Vodafone Idea (Vi)
4. Multiple rating agencies upgrade for YBL.

2021年9月16日

注释

Today was an excellent session for YES Bank Limited which is also a confirmation of the price action we have witnessed on 14.09.2021. The stock has given a breakout of the descending wedge formation with an excellent amount of volumes. The same was triggered by 2 of the factors discussed in my previous post, the 1st one being a positive outlook by rating agencies and then the government bringing up a relief package for the telecom sector.

Near future Outlook - The stock faced some resistance at the 200 DMA in the Daily time frame @ 14.70. Taking out the 200 DMA will be an important milestone as the stock has not managed to take out the same since 27.03.2019. Bottom of today's candle should be the SL for anyone who has taken swing trade positions.