AbhishekHSinghCMT

INFY- Possible H&S Pattern with Truncated Right Shoulder

NSE:INFY   INFOSYS LTD INR5
139 2 1
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
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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"



Chennai Petro- An Accumulation Wedge at 296.90
+2 Reply
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