Hadrien Mendonca
Yes Bank has been in a base building phase for the six months during which the stock formed an inverse head and shoulder pattern. This bullish pattern formation after a correction witnessed from Rs 367 hit in the first week of February to lows of Rs 285 hit in last week of March is indeed an early sign of reversal.
A break and close above Rs 320 would confirm the breakout post which we expect Yes Bank to rally towards its potential target of Rs 348 in the medium term.
Disclaimer: The author is Senior Technical Analyst, IIFL. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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