INFY in Head and Shoulders Pattern

Infosys has formed a Head and Shoulders Pattern, not the typical one as one may expect, as the right shoulder has been showing a sideways development near the neckline, without reaching to the high of the left shoulder. A breakdown below the neckline by a bearish trend bar followed by a retest and a follow-through candle (also a bearish trend bar) on the downside can give confirmation that the price will head below. Measuring Implications suggests it fall to levels of 1165-1170, which is unlikely. Price may come to the support zone of 1230-1240 levels.