Infy: The Big Triangle and the Range

We can say that the stock has been trading in a range (between 920 to 970) since June. A bearish channel can also be seen to have been broken for a bullish break yesterday.

But the 970 level has been acting as a tough resistance for the stock . This time too the stock tested it and retraced. Only the future price action will show whether the reaction would be as seviour as it has been in the past.

The stock may retrace upto 940-945 zone (already touched 945) where it may find some support and may head back to 970 level. But if 940 is not sustained it may retest the base of the range and triangle @ 920-918 zone.

On the upside, a sharper move can be expected beyond 970.

Trade safe, stay healthy
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Best regards
Afraidtotrade

Comment:

In the mode of trapping bulls

Comment:

Infy gave a fakeout move below 940 and bounced sharply past the strong resistance @ 970. It not only broke the range mentioned earlier but also the triangle pattern shown in the chart. One can look for strength near 970 to enter long, in the anticipation of resistance becoming support, for targets of up to 1000.