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Yash Bank May Plunge 23% In Coming Days, Suggest Technical Chart

The share of Yash Bank has fallen to Rs 53.15

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August 22 might be a bad day for Yas Bank. Yes, shares of Yash Bank is reported to have fallen to Rs 53.15 making it their lowest since 3rd March 2014. If the report is to be believed, the Yash bank stock likely to plunge 23 per cent in the coming days. According to the Economic Times, the stock may fall into a range of Rs 52.38 to Rs 47.01.

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The range is the 23.6 per cent Fibonacci projection level of the downtrend from April 10 high to July 18 low (wave iii) and the 100 per cent projection level of the downtrend from 20th August  2018 high to 28th September 2018 low (Wave A). Company Summary NSEBSE YES Bank Ltd.-9.10 (-13.91%) The stock broke below a support at Rs 70.04, the 14.6 per cent projection level, suggesting a move towards the Rs 52.38 to Rs 47.01 range.

Trend Intensity (TI) indicator has been increased to 26 suggesting that prices are trending downwards, MACD is also negative and below its signal line.

The above wave pattern indicates that the stock is in the final wave of the correction and an uptrend may start from the Rs 52.38 to Rs 47.01 range. The shares of the lender closed 13.91 per cent lower at Rs 56.30 on BSE.

 

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