BUY INFOSYS FOR 12% RETURNS: BULLISH CYPPHER FORMAATION ON MONTHLY CHARTS.

A bullish cypher is a harmonic pattern which need to observed only in the prevailing trend to be continued in the future.

Infosys has formed a bullish cypher pattern visible on  monthly time frames also which too provides more significance on the price. A long term trend line also holding the prices at the bottom of the formation and the prices has taken a reversal from that point.

Moreover after looking on daily charts it looks that the stock price has consolidated more than a year in the rectangle shape and now ready for the spurt.

Minimum target potential looks at 1120 and if crosses than 1180 looks promising too as this is a breakout of golden ratio of fibonacci retracement of 61.8 % around 1120. Stop loss for the position should be at 1000 level which is also a psychological level of four digit.

Here is the snapshot:

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