- 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.
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- 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.
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