INFY trade ideas
Pattern breakdown may see a big fallAfter the recent fall, Infy has formed a Pattern breakdown - Price went below and managed to move inside the pattern. The next direction depends on where it closes today, inside or outside the pattern.
The fall may be big if it closes below the pattern. The target could be at 38.2 Fib retracement level. The correction should happen for the rally Infy has seen for the past 2 years. However the 2 major support level before it reaches the target downside.
Is this the end of an uptrend in INFY? When the head and shoulders pattern happens during an uptrend, the price rises and then pulls back (lower), forming the left shoulder. The price rises once more, forming a higher peak known as the peak of the head. The price falls once more, then rebounds to a lower peak, establishing the right shoulder.
Swing lows occur when the price falls after the left shoulder and the head. A "neckline" is formed by connecting the swing lows with a trendline that extends off to the right. When the price falls below the neckline, the pattern is complete, and the price is likely to continue falling.
The entry opportunity on a head and shoulders pattern occurs when the price breaks the neckline.
so bears are ready to shortto be honest , market is no longer in bullish sentiment so it is good to take small put position on last stand sector.. "THE GREAT IT-SECTOR",immediate targets are 1667,1650, and if bears are really hungry then 1585 is not so far, because no big houses will buy infy in 1600-1800 range and retailers and some small operators cant hold this BEAST on this levels..
lets see, what happens to this guy
InfosysCompany:- Infosys Ltd.
Sector:- Information & Technology (IT)
Buy @ 1650 - 1700
Stop Loss @ 1590
Upside Target @ 1850 then 1950
Time frame:- For 2 months prospective
Technical:- On the daily chart there is multiple support zone and a 200-day moving average of around 1650 level and the stock fundamentally looks good. So if you are interested you can buy this stock for 2 months prospective.
Disclaimer:- Before taking any trade do your own analysis or consult your financial advisor.
Infosys for Swing tradeScript : Infosys (NSE, BSE : INFY)
Can be traded as swing with the sl of 1650, for the target of 1790/1840/1900/1940/2000++
Reasons : W pattern(Double bottom) in making at demand zone, support from 200EMA
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