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5 Tech Stocks to Trade for Gains This Week

Infosys

Forget about the pattern names for a moment -- you don't have to be an expert technical analyst to figure out what's going on in shares of Infosys (INFY), the $32 billion Indian IT outsourcing firm. Instead, a quick glance at the chart is sufficient.

>>4 Stocks Breaking Out on Big Volume

Infosys is currently bouncing higher in an uptrending channel, a price setup that's been in place since all the way back at the start of the summer. From a relative strength standpoint, this name has been holding up exceptionally well over that six-month span, with shares catching a bid on every test of the trend line support level at the bottom of the channel. So with INFY sitting at the bottom of the channel for a sixth time now, it makes sense to buy the bounce.

Waiting to buy off a support bounce makes sense for two big reasons: It's the spot where shares have the furthest to move up before they hit resistance, and it's the spot where the risk is the least (because shares have the least room to move lower before you know you're wrong). Remember, all trend lines do eventually break, but by actually waiting for the bounce to happen first, you're ensuring INFY can actually still catch a bid along that line before you put your money on shares.

Stock quotes in this article: MU, ALU, SPWR, INVN, INFY 

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