Yes Bank Limited (YESBANK) Stock - Complete Technical Analysis - Oct 15, 2024

Yes Bank Limited Technical Analysis Is a Bullish Trend Ahead

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Yes Bank Limited (YESBANK) is currently trading at 21.20, reflecting significant indecision in the market, as indicated by the recent Doji and Spinning Top candlestick patterns. This suggests that traders are uncertain about the stock's next move. The stock is also 35.46% below its 52-week high of 32.85, reached on February 9, 2024, and 35.03% above its 52-week low of 15.7 from October 26, 2023.

From a technical perspective, key support levels can be identified around 21.15 and 21.01, while resistance is observed at approximately 22.1 and 22.26. The Average Directional Index (ADX) at 30.31 indicates a strengthening trend, albeit with a low Relative Strength Index (RSI) of 28.56, suggesting the stock may be oversold, which could set the stage for a potential rebound.

The recent price trends reveal that the stock has exhibited volatility with some fluctuations in the past few days. The highest point recorded was 21.49 on October 14, while the lowest was 21.01 on October 15. Notably, the price closed at 21.20, slightly lower than its open of 21.18, indicating a lack of momentum. Furthermore, the presence of the Bullish Harami pattern may signal a reversal, hinting at a possible upward movement if buyers gain traction.

Overall, traders should closely monitor these levels and patterns, as the combination of resistance at 22.26 and support at 21.15 could lead to significant trading opportunities. With the indicators suggesting possible bullish momentum, a breach above resistance could lead to a bullish trend, while failure to hold above support may see the stock testing lower levels. Keeping an eye on volume and momentum indicators will be crucial in determining the stock's next steps.