Double Top pattern spotted in Infy. Pattern is confirmed as price has fallen below the neck level. Thus the stock can be expected to fall to 720.
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Chart we're using is the infamous Bitcoin double top of late 2017.
- Neckline is the resting place between the first top, and the second, failed 'run up'
- When the 2nd run up fails, that indicates that buyers are...
Two possibilities (zones) arise from the chart –
i. As FLAG completion is observed, the stock should move upwards.
ii. While moving upward it can face resistance around 133.95 to 135.75 due to formation of Double Top and 618 level.
iii. If it breaks above then it can move up to 146.40 to 152.00
i. If the stock move gets resisted...