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Infosys Technical Opinion suggests that Infosys or infy stock is currently trading at a sweet spot. It can go up or down depending on the technical analysis it decides to follow. On price action strategy front, it has formed double top or M pattern and it might fall sharply.
It is also forming a triangle pattern which is a bullish continuation pattern. It gives a breakout. As per Fibonacci retracement, it is trading near a 23.6% retracement level. If it breaks the previous high then it can deliver spectacular returns.
For long term investment, it is trading below 20 period EMA on the daily chart and buy signal will be generated when it closes above 20 EMA.
The price volume analysis suggests that there is a delivery based selling in recent past and it is not a good sign. The option chain analysis is bullish. Also, it follows the nifty movement. Therefore, you can keep track of NIFTY. Even if Infosys technical set up is bullish but nifty is bearish then Infosys will also follow the nifty movement.
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