Short term Swing trading opportunity in Infy
Reasons/Traits :
• Bearish Butterfly pattern formation yet to form
• Dark Cloud Cover candle formation seen today
• Symmetrical Wedge pattern formation is seen – Break out or Break down can happen in this formation for an intraday/short term swing trade
• Price is under 20 SMA with decreasing volume
What can happen next :
Scenario 1 : Uptrend can continue to complete Harmonic pattern and reach 1.27/1.618 levels ( 1735/1755/1780/1800/1815) post break out of the wedge pattern
Scenario 2 : Downtrend post break down of wedge pattern to reach 1675/1660/1650/1620 levels or till 50 SMA is touched and can take support there
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Reasons/Traits :
• Bearish Butterfly pattern formation yet to form
• Dark Cloud Cover candle formation seen today
• Symmetrical Wedge pattern formation is seen – Break out or Break down can happen in this formation for an intraday/short term swing trade
• Price is under 20 SMA with decreasing volume
What can happen next :
Scenario 1 : Uptrend can continue to complete Harmonic pattern and reach 1.27/1.618 levels ( 1735/1755/1780/1800/1815) post break out of the wedge pattern
Scenario 2 : Downtrend post break down of wedge pattern to reach 1675/1660/1650/1620 levels or till 50 SMA is touched and can take support there
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Komentar:
Successfully completed bearish butterfly pattern
High today is 1788