YES Bank at over 5 month low; technicals suggest more downside
The stock has declined 14.3 per cent this year as of the last close.
This breakdown suggests the stock may test a support at Rs 127.05 in the near term, the 61.8 per cent projection level.
However, support is also expected at Rs 146.75, the November 29, 2018 low.
The wave pattern of the stock suggests that it is in the third wave of a five-wave downtrend.
Trend intensity (TI) indicator rose to 42, suggesting prices are trending downwards.
MACD is also negative and below its signal line.
The stock has declined 14.3 per cent this year as of the last close, while the broader NSE Index has gained 3.3 per cent in the same period.
Shares of YES Bank closed 8.01 per cent down at Rs 143.65 on BSE.