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
vipicorp
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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
Abhijit_Paul
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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.
Regards