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Yes Bank at over five-and-a-half month low

Mumbai

Shares of YES Bank fell as much as 4.8 per cent to Rs 148.30, its lowest since November 29, 2018. The stock broke below support at Rs 157.40, the 50 per cent Fibonacci projection level of the downtrend from August 20, 2018, high to November 29, 2018 low (wave A).

This breakdown suggests the stock may test a support at Rs 127.05 in the near term, the 61.8 per cent projection level. However, support is also expected at Rs 146.75, the November 29, 2018 low.

The wave pattern of the stock suggests that it is in the third wave of a five-wave downtrend. Trend intensity (TI) indicator rose to 42, suggesting prices are trending downwards.

MACD is also negative and below its signal line.
The stock has declined 14.3 per cent this year as of the last close, while the broader NSE Index has gained 3.3 per cent in the same period.
Shares of YES Bank traded 3.21 per cent down at Rs 150.85 around 10:25 am on NSE. (REUTERS)

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