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Infosys Technologies Crosses Below its 10-day MA (INFY)

Published on Mon, 02/04/2013 - 12:10
By Robert Cotter

Infosys Technologies (NASDAQ:INFY) crossed under its 10-day moving average of $52.56 on a volume of 909K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Over the past year, Infosys Technologies has traded in a range of $37.93 to $68.52 and is now at $52.21, 38% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has remained constant.

Infosys Technologies (NASDAQ:INFY) defies analysts with a current price ($52.21) 12.8% above its average consensus price target of $45.55. The stock should find initial support at its 50-day moving average (MA) of $45.68 and further support at its 200-day MA of $44.34.

Infosys Technologies Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

By Robert Cotter
rcotter@fnno.com