Infy, BreakoutI contended earlier that on many occasions price may pull back towards the breakout level. For last four sessions price took support above 1200 and this could not be broken. Chart study takes time and patience.
INFY trade ideas
Infy, BreakoutI wrote in the previous post that sometimes price pulls back towards the breakout zone in case of a breakout. This may happen here. We may think of going long when price reaches to breakout level keeping a strict SL.
Infy, BreakoutPrice broke out. This is quite a significant happening in the technical study of the chart of a stock. Price consolidated for about six months. Breakout means traders see some good value in the stock and they are ready to pay a higher price. However, what could be the probable target in near term? The distance of the consolidation is 100 points approximately. This is the ideal target. However, we can take out profit even if we can get 50 points. Note again that if the price can defend the breakout level (sometimes price retraces towards breakout level) it can make significant upside.
InfyConsolidation and yesterday bulled made a faild attempt to breakout. There is one more pattern-- Ascending Triangle. It means bulled are closing up to give a breakout. It also means that price fluctuations are reducing by day.
Infy, ConsolidationOne more ettempt by bulls to take the price beyond resistance level. 1205 is a strong resistance zone where bears are sitting tight.
Infy, ResistanceAs mentioned in the earlier post, Infy faces long-held resistance at 1205 and returning. Now it may take support at 50 DMA which is 1159. Consolidating in an uptrend for quite sometime.
Infy, ConsolidationPrice again at the resistance level, this is decisive. Now it may give a breakout or go back to support level.
Infy, CTContracting Triangles (CT) are difficult to trade. In this case there is formation of CT in the recent past and price oved upside. This time will the same be repeated? Let us wait and watch.
Infy, ConsolidationInfy is in consolidation mode and at the moment it is caught between 1178 and 1207. If price can close above 1207, it can be a breakout. Else price can again come down to 1178 seeking support. Larger trend is up.
Infy, ConsolidationAs stated in the previous post, 1206 plays as the tough resistance and bulls tried their best the cross the resistance and today they seem to give up. Now price can go down towards the support level of this consolidation band.
Infy, BreakoutBulls tried to push price above breakout line but could not close the day above the same. 1204 is the strong resistance. If this line of resistance is conquered, then logical target is plus 100 points which is the breadth of the consolidation range (1100 to 1200).
Jnfy, ConsolidationPrice his reaching the resistance zone (same as GodrejCP). It is at a crucial level. Breakout is possible. It is not a sell at resistance but a buy on correction. See what has happened to GodrejCP. After the breakout, price has pulled back towards the breakout line.
Infy, ConsolidationInfy coming down to the support zone of the price consolidation band. Buying close to this support line makes SL smaller.
It was not a bad decision to remove Vishal Sikka and appoint Salil Parekh. Many with vested interest shouted at Murthy. Price of Infy shows that Murthy was correct.
Infy, ConsolidationThis IT major is in bull market and after a steady rise entered into the phase of consolidation in a well-defined narrow range. It is a buy at the support zone and NOT a sell at the resistance line. We don't know when a breakout may take the price to new highs.
