AbhishekHSinghCMT

INFY- Possible H&S Pattern with Truncated Right Shoulder

NSE:INFY   INFOSYS LTD
150 views
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
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle
https://twitter.com/TalksWave

Telegram Handle
https://t.me/wavetalks

Comments

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
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out