INFY has been in a bearish structure on the daily chart since March 23. It had gapped down to 1190 levels in April after a bad surprise in results. It has pulled back to the 1280 area which is the base of the gap. If selling pressure continues, a short position could be considered keeping the following levels in mind: SHORT BELOW: 1254.25 STOP LOSS: 1279 TARGET...
Bearish RSI Divergence is evident on the chart. It would be a clearer indication if the RSI turns down making a lower high and price trades below the weekly low of 1001. If price trades below 1000 and if closes on the daily below that level, we could expect a target of 930.
DIVERGENCE is when the price of a scrip is moving in opposite direction of an indicator, usually an oscillator. It acts as a warning that the price trend may be getting weaker. It does not necessarily mean that the trend will reverse. It could signal an exhaustion of the current trend, the beginning of a period of consolidation or a medium to long term...