Technical Analysis of Financial Markets

Sunday, October 15, 2006

Infosys Technologies Ltd. (INFY)

Indian technology services, consulting and IT outsourcing firm Infosys, continued on Wednesday to announce profit and revenue surpassing analysts' projections; revising its guidance higher. However, the recent 62% gain in price action over a 4-month rally is starting to look overbought. A crossover of stochastics may serve as an entry into a short position for a price target towards the uptrend support; adding to the position on close below the trendline. Stop loss: close above $53.50. On Thursday, Jefferies reiterated a Buy rating with a $57 target.

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