Most of us know that Yes Bank Share prices are actually in a downtrend from last 1 – 2 Years. Despite improving fundamentals and good earnings, the overall narrative didn’t even change a bit on the stock. This tells us how powerful the Market Sentiment is! Majority of the time Price Action is not driven by fundamentals, but simply by Sentiment. Even if the Stock has good fundamentals but a pessimistic Market sentiment then there is a less chance for stock prices to increase.
On Yes Bank it’s a similar case. Once again Buyers have failed to push the prices higher because of the pessimistic Market sentiment. Take a look at the Price Action Outlook on 1D Chart of Yes Bank.
Yes Bank Price Action Analysis on 1D Chart
In the month of September, after crossing below 30.00 Rs per share, Yes Bank bounced back sharply from the bottom point and rallied all the way up to 70.00 per share. Most of the Professional traders would call this price behavior as “CM Formation”. It challenged the overall downtrend and gave an indication that buyers are entering into the market and Share prices might rally higher.
But unfortunately, Pullback that came after the CM Formation failed to create a new high, and strong selling activity ensured on Yes Bank. Stock prices once again breached below 61.00 and it’s trading around 45.00 per share. Just like in the past, this is another Failure for Buyers and an Indication that Market Participants are still not convinced on the Stock.
Traders and Investors who purchased the stock at recent levels are now trapped in the Market fall. For me it feels like Yes Bank share prices could unfold into a Range in upcoming weeks. As usual, Keep track of the Price Action and take decisions accordingly.
