YES Bank stock climbed to a 2-week high on Tuesday. The stock was trading at Rs 229.75, up 4.05 per cent on the BSE.
The stock has breached and moved above the resistance level at Rs 221.4, the 23.6 per cent Fibonacci retracement level of the downtrend from August 20 high to a September 28 low
This breakout suggests that the stock may rise up to the next resistance at Rs 256.3, though some resistance is expected at the 20-day exponential moving average
The stock's wave pattern indicates that it has completed a three-wave corrective pattern. It is expected to be in the first wave of a new uptrend unless the correction turns out to be a combination of corrective patterns.
The MACD has cut above its signal line, and has seen as a bullish signal.