- Price having closed below 50 Week SMA is finding it hard to move back above this line. 50 Week SMA line and 200 Day SMA on daily chart may continue to act as resistance for the current bounce.
- Immediate strength and weakness can be seen in one hour chart. For now price is staying below One hour cloud which suggests strength for crude Bears.
- S&P 500 Testing resistance zone
May 17, 2017
May 16, 2017
- Infosys week chart shows a possible bearish pattern forming. Since the Megaphone is forming at the top of an up trend this is likely to be a bearish one. Having said that price is trading close to a crucial support zone so a larger bounce from here cannot be ruled out.
- Bears will gain strength if the support line shown in second chart is violated on closing basis.
- Infosys bears also need to keep price below 200 SMA to keep the weakness intact.