Infosys Technologies (NASDAQ:INFY) shares have crossed bearishly below their 10-day moving average of $36.54 on a volume of 645K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
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.
Infosys Technologies share prices have moved between a 52-week high of $70.36 and a 52-week low of $25.03 and are now trading 45% above that low price at $36.26 per share. The 200-day and 50-day moving averages have moved 0.64% higher and 5.11% lower over the past week, respectively.
Based on a current price of $36.26, Infosys Technologies is currently 7.9% above its average consensus analyst price target of $33.39. The stock should discover initial support at its 50-day moving average (MA) of $33.78 and subsequent support at its 200-day MA of $31.38.