Yes Bank forms Evening Doji Star pattern
The stock formed opening bullish Marubozu candle on February 14, 2019 and thereafter marked the sequence of gradual higher tops and registered the high of Rs. 257.50, considering the daily time frame. At present, the stock had formed Evening Doji Star candlestick pattern on the daily time frame.
It is a reversal candlestick pattern which is bearish in nature and appears at the end of an uptrend. Evening Doji Star is a complex pattern made of three candles, the first candle is bullish in nature, the second is indecisive and the third candle is bearish in nature.
The leading indicators 14-period day RSI is currently quoting at 64.99 and it has recently given negative crossover. The stochastic has also given negative crossover, which suggests a pause in uptrend. Moreover, there has been a negative divergence between the daily stochastic, daily RSI and the stock price movement, which suggests limited upside.
In the near-term, the zone of Rs. 237- Rs 242 is likely to act as major support as the short-term moving averages, i.e. 13-day EMA and 20-day EMA is placed in that region. Failure to hold this support would lead to further correction up to the 50-day EMA, which is currently placed at Rs. 220. While on the upside, Friday's high of Rs. 257.50 will be the major hurdle for the stock.
On Monday, the stock of Yes Bank closed at Rs. 247 per share, dipped by 2.18 per cent. The stock opened at Rs. 250 per share and hit an intraday high of Rs. 250.35 and a low of Rs. 246.10 per share on BSE.