[Premium] Trade Of The Week

JC Parets
December 27, 2021

This week we’re looking at a long setup in the market's favourite bullish space, IT.

IT has been displaying strength even in a sideways market. Such strength is crucial to note.

Let's take a look at what we have today!

Infosys had been moving in a sideways consolidation for quite some time, when the mid- and small-caps were taking the IT sector forward. In the current market scenario, the stock has now moved out of its consolidation and is indicating its next move.

The price has broken out above the resistance of 1,790 and is now trading above it. As we discussed in the conference call as well, IT is one space that continues to grow from strength to strength. And within IT, Infosys is now peeking out and moving higher.

The indicator too is in positive territory along with the strong relative performance that is coming through in this stock.

We are bullish above the level of 1,790, with a target near 2,580. A move below 1,790, and we'd be happy to make an exit.

Thanks for reading and please let us know if you have any questions.

And if you're a Premium Member, be sure to check out our other weekly post, "Three Charts For The Week Ahead."

Allstarcharts Team

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