The Infosys (INFY) stock price has been in a strong bullish trend in the past few months as hopes that IT spending is recovering rose. It has risen in the past four straight weeks, reaching its highest point since April 2022. Also, the stock has outperformed other IT consulting companies like Tata Consultancy, Accenture, and Cognizant. Tata Consultancy earningsIT spending has been relatively weak in the past few years as many companies have slowed investments in technology to save costs. Recently, however, there are signs that the industry is starting to bounce back as more companies publish strong financial results. A report by Gartner estimated that global IT spending will jump by 8% this year to $5.06 trillion. Previously, the company estimated that this spending would rise by 6.8% and is a sign that this spending will hit $8 trillion by 2030. Most of this spending will be in IT services followed by IT services and software. A recent report by Tata Consultancy Services showed that the industry is recovering. Its revenue rose by 3.9% in the last quarter to $7.5 billion, with all regions showing some growth. It also boosted its margins, with the operating margin coming in at 24.7% and the net margin reaching 19.2%. These results helped to push the TCS stock to its highest point in weeks.HCL, another IT consulting company, also published strong financial results. Its revenue rose by 6.7% YoY in Q1 to $3.3 billion while its digital revenue rose by 6%. Infosys earnings aheadThe positive Tata Consultancy Services revenues also helped to boost Infosys, another leading IT consulting company. Therefore, analysts and investors will be focusing on the upcoming earnings, which are scheduled on Thursday. Analysts believe that the company’s revenues will come in at $4.65 billion, a 1.5% increase from the same quarter in 2023.For the year, analysts expect that its revenue will grow by 2.5% and reach $19.03 billion followed by $20.3 billion in 2026. Infosys tends to report results that are better than estimates. The company is benefiting from the ongoing investments in artificial intelligence solutions by most firms. They are also investing in other technologies, especially cybersecurity as risks continue rising. Most analysts have a neutral outlook for Infosys. Of the 15 analysts that are tracked by Yahoo Finance, 12 of them have a hold rating while 2 have a buy. BMO recently maintained its market perform view while Guggenheim and Wedbush maintains their neutral outlook. HSBC has downgraded the stock. Infosys stock price analysis 
The daily chart shows that the INFY share price dropped and bottomed at 1,353 in May, where it formed a double-bottom pattern. It then formed a golden cross pattern on June 24th as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. This is one of the most popular bullish patterns in the financial market. The stock has also jumped above the important resistance point at 1,698, its highest point in February. This price was the upper side of the cup and handle (C&H) pattern that has been forming. C&H is one of the most popular bullish signs. Further, the Relative Strength Index (RSI) and the Average Directional Index (ADX) have all pointed upwards. The RSI rose to the extreme overbought point at 80 while the ADX indicator has moved to over 45. The ADX is one of the most popular trend indicators in the market.Therefore, the stock will likely continue rising as buyers target the next key resistance point at 1,730. However, a drop below the key support at 1,650 will point to more downwards. More By This Author:Rio Tinto Considers $32 Billion Acquisition Of Canadian Mining Giant Teck Resources
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