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...
Going above 1058 -likely Infy goes to the zone 1067-169 & beyond that zone for 1074-1075+ but likely there will be some retracement which will put infy to test the lows of 1035-1040 or 1020-125 zone before it rallies again but be careful -if it goes below 1020- its an alarm bell & going 1010-critical level -which should not break else -there could be heavy...
Trading@1050
INFY looks for the 5th wave up from lows@1010- likely to complete in 1058 & going beyond 1060 can kiss the zone 1067-1069 where the 5th wave travels 61.8% of the 1-3 wave distance.
Once done- we will look for correction on result day
There is a small channel which can resist the up move & if stops in the zone 1080-1090 which is channel top & any confirmation of the downside move at respective ends can be taken as a bearish view with that recent swing high as stop & initial target -1010 & Going Below 1010-1000 Zone - H&S Pattern with truncated right shoulder gets activated
Target Calculation...
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.
Infosys forming a symmetrical triangle breakout on hourly chart. It shall breakout from it tomorrow. Keep a good eye on it to gain out of this opportunity.
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...
