Stock of the Day – Yes Bank
While most new private sector bank stocks had a flat year in 2013, for Yes Bank, it turned out to be an awful year with the stock losing nearly 20% by the time the year ended. The first month of this year seemed to suggest that 2014 may turn out to be even worse for the stock as it lost 17% in January alone. But February saw some consolidation creep and in and despite we being just 7 days into March, the stock has made up for all the losses of January and as of now is slightly positive for the year.
On the daily charts, we can find multiple patterns [after all, patterns are in the eye of the beholder, ain’t it π ]. The fall in Jan, consolidation in Feb and the current upmove has meant that we saw a small Cup pattern (I have written about this Cup pattern appearing Β on a couple of other stocks some time back). Today’s move has meant that the trend-line connecting the top of the cup is broken.
I have also marked in White what seems to be a Symmetrical Triangle pattern. The trend-line connecting the higher peaks was also broken today. And finally, today’s move has also seen it cross the 200 day EMA with substantially strong volumes. While markets being overheated may cool off a bit, this is a stock to watch with a bullish bias.
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