Abhijit_Paul

INFY: Coil Breakout

NSE:INFY   INFOSYS LTD
INFY in the intra-day charts gives a “COIL” breakout followed by a consolidation and then some follow-through rally. Consolidation of price is a common aspect once prices have moved sharply up or down, that is, travelled quite a distance within a short span of time. Psychological support and resistances are common in while numbers, which was the case here as well, when we realise that 1000 acts as an intra-day supply point for the stock.
The are heading to 1135 , probably they will head back to 988 level and then brake out , lets see how it unfolds
Regards
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Hi sir,
What was the reason to choose resistance on previous date (6 Dec-blue dotted line) for breakout point instead of choosing breakout point just outside triangle?
-Vipin
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@vipicorp, this trade in INFY was from the 15min chart, and the coil breakout actually happened during last hours of previous day. So post opening, obvious breakout was above erstwhile highs.
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