The stock broke above the neckline of the double bottom pattern. With high volume pushing it to the upside and 50D EMA acting as strong support, the stock is very likely to go long.
The stock shows a strong tendency to follow the ongoing trend and to bounce off support by the previously set up bull flag. With a SL set up 2% below the confirmation, the stock has a high potential to rise to a 25% above the support.
The daily trend of the stock bounced of 200D EMA quite a lot many times to make the dynamic resistance a lot stronger and is expected to maintain above the same resistance and bounce back and go long upon hitting the resistance again. But meanwhile the trend holds a strong resistance against 50D EMA.
The stock faced quite a lot of rejection against 50D EMA and 200D EMA forming a strong 200D EMA resistance and an intermittent 50D EMA resistance before it broke above both the resistance and formed consolidated support for the price to go long.
The stock holds good on the upward trend line as yesterday 30 Jan seems to be a red day but bounces of the support forming a bullish hammer candlestick on 31 Jan. A good time to go long on the stock as the trend seems very steep and high chances of good returns.
With a very strong pole and a great volume supporting it, the flag has a high probability to break towards the upside. With setting an SL at 376.50 the stock can go long upon meeting the support of the flag.
YESBANK tends to bounce of the support for the third time, as the days high crosses the 20DMA. The stocks seem to follow an uptrend until the next decline.
