By: Zev Spiro
Infosys Technologies Limited (INFY) recently broke a major level of support. The level was a combination of the 200-Day Simple Moving Average (SMA) and the neckline of a bearish head and shoulders pattern. On March 16th, a strong sell signal triggered when there was a simultaneous break of those two levels, accompanied by an increase of volume, that is suggesting much lower prices.
Target: minimum expected price objective is $53. Protective Stops: confirmed move back above the neckline, currently $66 area.
If you are interested in receiving Zev Spiro’s market letter, please email zevspiro@oripsllc.com subject “T3”
*DISCLOSURE: Short INFY
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