TA on INFY (Infosys Tech Ltd) quidproquo dinner & movie & movie & garage
if I am not mistaken, this is the Indian SW juggernaut with ultra high quality sw developmt that MSFTshit can only hope to imitate
- first observation is that lower and upper boundaries to the evident upchannel is fanning out (upper bdry greater slope than lower bdry)... sign of growing volatility, a nobrainer comment but must put on paper... saw the volatility in midFeb that seems to have abated in recent week
- the shorterm 18day moving avg supported the price in early, mid, and late Feb nicely... at 328 it looks extended somewhat
- at 328 now we sit not only at the area of the old highs, but at the upper boundary of the fanning out upchannel
- relative strength really fell off at the time of the failed retest (textbook classic style) in midFeb... but now relstrenk seems to be returning somewhat, a good sign as old highs are being tested again... RSI is a measure telling how much the stock rises relative to the broader market such as S&P500
- money flow remains steady and strong, nothing unsustainably high... money flow is also building, another good sign
- daily stochastics are on the strong end of the upcycle now... the crossover on Monday was worth a quick easy 50 pts
- volume has picked up somewhat, but nothing special and certainly nothing like 2-3 weeks ago at the extreme... but that may be good since formerly such extremes were unsustainable
I would say you got a 50-50 chance, maybe better, of seeing new highs shahtly (Boston translation: shortly, soon, imminently)... volume is rising, moneyflow is rising, RSI is rising, and it is enjoying the upper end of stochastic upcycle (i.e. closing toward the highs)
as for the software sector, things are heating up for Enterprise Resource Planning stuff... ITWO and ORCL are hot but not too hot these days... dont really know INFY particular niche within software, only that they dust Microshit
I wouldnt be surprised to see slightly higher highs established in the next 10 days... from an Elliott Wave perspective, we probably saw the strong strong second characteristic leg end in Feb... these Waves almost always endure for a third and final leg after the strong 2nd wave corrects and hurts many people... now it is poised for a Final Hurrah third leg... these third legs are not as large as the seconds... so maybe look for the old high of 340 to be exceeded somewhat, like to a 370 level
after these new highs are (might be) established, look for some pain to enter the equation... look for much selling and profitaking... look for pullbacks and the 30day MA to be asked to support... but may not be there for a few weeks
hope this helps... the Beemr needs a buddy after sitting next to all these highbrow Lauderdale Mercedes
just an opinion and analysis from a po' professor's son
/ Jim Willie |
