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Possible Bearish Inside Day Candle Pattern Detected for Cognizant Tech-A (NASDAQ:CTSH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cognizant Tech-A (NASDAQ:CTSH) based on the price action in the company's shares. Today's price range of $82.05 and $82.64 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cognizant Tech-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cognizant Tech-A (NASDAQ:CTSH) has potential upside of 9.2% based on a current price of $82.31 and analysts' consensus price target of $89.85. The stock should find initial support at its 50-day moving average (MA) of $77.98 and further support at its 200-day MA of $77.12.

Cognizant Technology Solutions Corporation provides custom information technology (IT) consulting and technology services, as well as outsourcing services. The Company's core competencies include technology strategy consulting, complex systems development, enterprise software package implementation and maintenance, data warehousing, and business intelligence.

In the past 52 weeks, shares of Cognizant Tech-A have traded between a low of $67.72 and a high of $85.10 and are now at $82.31, which is 22% above that low price. The 200-day and 50-day moving averages have moved 0.20% higher and 0.04% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Cognizant Tech-A on June 14th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $78.54. Since that recommendation, shares of Cognizant Tech-A have risen 5.3%. We continue to monitor CTSH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle cognizant tech-a

Ticker(s): CTSH