AbhishekHSinghCMT

INFY- Possible H&S Pattern with Truncated Right Shoulder

NSE:INFY   INFOSYS LTD
143 2 2
There is a small channel which can resist the up move & if stops in the zone 1080-1090 which is channel top & any confirmation of the downside move at respective ends can be taken as a bearish view with that recent swing high as stop & initial target -1010 & Going Below 1010-1000 Zone - H&S Pattern with truncated right shoulder gets activated

Target Calculation- Head to Neckline Distance = 266 points - Going Below 1010 - we will subtract 266 points from 1010 -we get 745 as likely & ideal target level.
Trade active: 07:10 Hrs- 22nd Sep2016

Either Channel Top in the zone 1080-1090 & resistance should be taken as trading opportunity or break of neckline as another opportunity in between traders will be chopped.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hi Abhishek, why do you think INFY won't retrace back to 1170?
Reply
I never said -It can't retrace back to 1170 - I said infy possibly if goes to 1080-1090 & faces resistance of channel top & starts falling & leaks below channel, then likely it touches 1000-1010 zone & below 1010 -H&S Trucated pattern gets activated. Another Scenario- If goes above channel top & falls back in the pattern, but well protected from a channel leak on the downside -that will suggest its an accumulation wedge happening to INFY similar to "Chennai Petro- An Accumulation Wedge Pattern Update"



+2 Reply
EN English (IN)
EN English
EN English (UK)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out