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In Yes bank should we buy the price action dips or bet for downside ?

Price action analysis is on Daily chart of yes bank Futures, A time frame that’s good for swing traders and positional traders.

Price Action Analysis of Yes Bank on Daily chart
Price action fell from 1850 resistance level in Yes Bank futures

Yes Bank gave excellent performance from the month of July till mid august, Bullish moves during the period coincided with RBI monetary policy and Interest rate cuts. Prices rallied from 1600 – 1850 succeeding from the breakout of Inflection resistance zone at 1550. Market action was caused by big money players (We can infer it by looking at Impulsive moves), several uninformed traders got trapped and liquidated in the process. We cover how spot Institutional moves in markets on our trading course

After touching 1850, Smart money started squaring off their trades – initiating a selloff from the peak. Uninformed traders are trying to pick the bottom in Yes bank (especially those who are trading in lower time frame) providing liquidity for big money to distribute their existing positions. Prices should break the turning point at 1850 and retest it to trend higher. Like wise market shouldn’t break the potential support zone (prices may fluctuate around the zone) at 1600 – 1650 to remain in bullish trend and Bias.

I am expecting the Market to resume the uptrend after some correction (which provides enough liquidity to reach till 2000). But if we spot any selling pressure on Price action, then our trading plan should be modified.

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