INFOSYS IS SET TO BE LOSING IT'S STEAM IT SEEMS. IT HAS BROKEN IT'S TREND LINE SUPPORT WITH A GAP DOWN YESTERDAY. ONE CAN TAKE A SHORT TRADE WITH STRICT STOPLOSS OF 675. TECHNICAL INDICATIONS ARE:
1. BOLLINGER BANDS - INFOSYS MADE A GAP DOWN BELOW THE MEAN LINE OF BOLLINGER BANDS AND WILL NOW APPROACH THE LOWER BAND. THE MEAN LINE WILL ACT LIKE A RESISTANCE NOW.
2. MACD CROSSOVER - MACD WHICH IS A TREND BASED INDICATOR, INDICATES A CROSSOVER OF 26 EXPONENTIAL MOVING AVERAGE AND 12 EMA. THIS INDICATES WEAKNESS IN THE STOCK. I HAVE MARKED AN ARROW.
3. MOVING AVERAGES - INFOSYS IS TRADING BELOW ALL THE MOVING AVERAGES NOW. WHICH SHOWS WEAKNESS IN THE STOCK.
4. EVENING STAR DOJI -THE EVENING STAR PATTERN IS 3 CANDLE STICK PATTERN, WHICH CONSISTS OF A GREEN CANDLE AND THEN A SMALL INDECISIVE DOJI WHICH MEANS THAT THERE WAS BUYING AND SELLING PRESSURE AND IT DID NOT KNOW WHICH DIRECTION TO FOLLOW. THIS INDECISIVE CANDLE IS FOLLOWED A RED CANDLE INDICATING BEARISHNESS. (I HAVE MARKED AN ARROW).
ONE CAN TAKE A SHORT TRADE WITH SL OF 675 FOR TGT1- 628 AND TGT2- 608.
*THIS IS MY VIEW AND I AM NOT SEBI REGISTERED*
1. BOLLINGER BANDS - INFOSYS MADE A GAP DOWN BELOW THE MEAN LINE OF BOLLINGER BANDS AND WILL NOW APPROACH THE LOWER BAND. THE MEAN LINE WILL ACT LIKE A RESISTANCE NOW.
2. MACD CROSSOVER - MACD WHICH IS A TREND BASED INDICATOR, INDICATES A CROSSOVER OF 26 EXPONENTIAL MOVING AVERAGE AND 12 EMA. THIS INDICATES WEAKNESS IN THE STOCK. I HAVE MARKED AN ARROW.
3. MOVING AVERAGES - INFOSYS IS TRADING BELOW ALL THE MOVING AVERAGES NOW. WHICH SHOWS WEAKNESS IN THE STOCK.
4. EVENING STAR DOJI -THE EVENING STAR PATTERN IS 3 CANDLE STICK PATTERN, WHICH CONSISTS OF A GREEN CANDLE AND THEN A SMALL INDECISIVE DOJI WHICH MEANS THAT THERE WAS BUYING AND SELLING PRESSURE AND IT DID NOT KNOW WHICH DIRECTION TO FOLLOW. THIS INDECISIVE CANDLE IS FOLLOWED A RED CANDLE INDICATING BEARISHNESS. (I HAVE MARKED AN ARROW).
ONE CAN TAKE A SHORT TRADE WITH SL OF 675 FOR TGT1- 628 AND TGT2- 608.
*THIS IS MY VIEW AND I AM NOT SEBI REGISTERED*