The stock is ready for a breakout!! are you??
Updated
Infy-
Monthly chart- The correction that halted at 61.8% of Fib retracement was a bullish zig zag corrective pattern. These patterns develop when the mkt wants to finish the correction ASAP and move in the direction of the larger trend.
RSI- halting in the bull zone of 40-45 at Fib support is another indication of the bull trend is intact.
Weekly Chart-
The recent pull back to 1357 was a 50% fib retracement indicating that the uptrend was strong. The Gap at 1500 is the immediate resistance. The stock will breakout above that. I will want it to settle above it to start trading. There is a big gap between 1647-1573 the stock will find resistance at these zones, above that we should see the highs at 1800 again.
Monthly chart- The correction that halted at 61.8% of Fib retracement was a bullish zig zag corrective pattern. These patterns develop when the mkt wants to finish the correction ASAP and move in the direction of the larger trend.
RSI- halting in the bull zone of 40-45 at Fib support is another indication of the bull trend is intact.
Weekly Chart-
The recent pull back to 1357 was a 50% fib retracement indicating that the uptrend was strong. The Gap at 1500 is the immediate resistance. The stock will breakout above that. I will want it to settle above it to start trading. There is a big gap between 1647-1573 the stock will find resistance at these zones, above that we should see the highs at 1800 again.
Trade active
the stock reached the gap zone pretty fast post breakout. It has now reached the Gap zone of 1573-1647 where it should find some resistance.
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