This is monthly chart of YESBANK on NSE (INDIA) which looks good for an investment. Opinion has been formed based on following observations :
1. A horizontal line has been drawn on the chart which acted as resistance during JAN 2015 to MARCH 2016 which turned into key support during recent fall in prise. Finally, the said resistance was broken in April 2016 and now it acted as support after massive fall in price. This support also coincides with 78.6% retracement level on fibo as shown on the chart.
2. Trendline drawn on the chart indicates support with arrows which is yet another confirmation towards likely reversal in trend.
3. Inverted hammer formation in Oct 2018 is another conformation indicating possible reversal. Similar inverted hammer formation was observed in Sep 2013 and there is massive surge in volume at both the occasions as volume bar has engulfed the previous month volume bar (Sep 2013 and now in Oct 2018).
In view of above, it could prove to be an excellent investment idea with stop @ 160 (below the recent swing low) with target @ 368 (resistance drawn on the chart) or beyond.
Happy investing !!! Kindly share views which will help all of us...
1. A horizontal line has been drawn on the chart which acted as resistance during JAN 2015 to MARCH 2016 which turned into key support during recent fall in prise. Finally, the said resistance was broken in April 2016 and now it acted as support after massive fall in price. This support also coincides with 78.6% retracement level on fibo as shown on the chart.
2. Trendline drawn on the chart indicates support with arrows which is yet another confirmation towards likely reversal in trend.
3. Inverted hammer formation in Oct 2018 is another conformation indicating possible reversal. Similar inverted hammer formation was observed in Sep 2013 and there is massive surge in volume at both the occasions as volume bar has engulfed the previous month volume bar (Sep 2013 and now in Oct 2018).
In view of above, it could prove to be an excellent investment idea with stop @ 160 (below the recent swing low) with target @ 368 (resistance drawn on the chart) or beyond.
Happy investing !!! Kindly share views which will help all of us...