Yes Bank

Published: Fri, 09/16/16

As part of ''Nifty Daily'' our daily publication 2 weeks ago I put out this chart of Yes bank. A little early as always but the RSI was 83. and the behaviour in this narrow channel suspect. The risk was that the next sell off would break down from the channel as it followed after hitting the upper channel line once more to a new high.

Having broken down from the rising channel the up trend should be complete. The next major move must be on the way down. Yes bank was leading the way up and has marked the trend reversal for the sector. Any rally would face resistance at the blue lines.