May 16, 2017

INFOSYS Weekly Megaphone pattern

  • Infosys week chart shows a possible bearish pattern forming. Since the Megaphone is forming at the top of an up trend this is likely to be  a bearish one. Having said that price is trading close to a crucial support zone so a larger bounce from here cannot be ruled out.
  • Bears will gain strength if the support line shown in second chart is violated on closing basis.
  • Infosys bears also need to keep price below 200 SMA to keep the weakness intact. 

S&P 500 Analysis after closing bell

  • ES testing resistance zone 2400 level.
  • 2375 and 20 Day sma are immediate support levels. Bulls need to keep price above 20 Day SMA. Closing below this level may start a down swing.