May 13, 2010

INFOSYS WEEKLY TRIANGLE
INFOSYS WEEKLY CHART
  • INFOSYS WEEKLY chart has formed a DIAMOND TOP and a TRIANGLE.
  • DIAMOND TOP at uptrend is negative.
  • TRIANGLE can go either way.
  • We will try to get a clue from the triangle. A break down of 2605 level is bearish and can bring it down to 2300 levels.
  • Trading above 2702 can take it to 2790.
  • For short trading enter at the break of 2605 and keep 2620 as stop loss.
  • Week chart is also showing negative divergence in MACD. But the price has not reacted in a big negative way.
thank you

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore