Infosys hovering near all-time high; chart suggest more upside

  • This stock has been hovering around 800 level for the past few days with an appearance of flag pattern.
  • The stock was in a major consolidation mode within the range 700-770 level for the past 6 months but broke out of the consolidation range level with the appearance of high-volume breakout on 15th July, immediately after the outcome of quarterly earnings.

  • The major support for the stock is placed at 700 level. On the indicator front, the stock is well placed below its 21-days moving average line.
  • A break above the 804 level would provide confirmation for big upside rally.