It is been observed that the price action is consolidating in between 1060-1010 levels for past 55 days on a daily chart. It is 11 weeks and almost 3 months. This is called a Big consolidation and price war between buyers and sellers.
Now, the price action got that big breakout from the consolidation as it closes below strong support level of 1010. Therefore, it...
In the daily chard Inforsys is about the complete the wave a of the corrective sequence. It is at the last phase of finishing the fifth wave A in a ending diagonal. One can expect the corrective wave B which can retrace 56% of wave A as shown. In the short term ne can look for long intraday positions. In the medium term one can ride the wave C in the short side.
With this rectangular range trade setup, its 8th rectangular range in last 10 days if I check my trading journal. Either Fx or Nifty 50 markets are offering us lots of ranging n breakout pattern trades for past two weeks. Yes, few of them failed but winners overshot losers,just like that. I'm looking out for this rectangular breakout in Infy and will be watching...
