• Return to Headlines

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

By Amy Schwartz

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. Yesterday's price range of $81.86 and $82.64 is within the prior day'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.

There is potential upside of 9.1% for shares of Cognizant Tech-A based on a current price of $82.33 and an average consensus analyst price target of $89.85. The stock should discover initial support at its 50-day moving average (MA) of $78.07 and subsequent support at its 200-day MA of $77.17.

Over the past year, Cognizant Tech-A has traded in a range of $67.72 to $85.10 and closed yesterday at $82.33, 22% above that low. The 200-day and 50-day moving averages have moved 0.20% higher and 0.14% higher over the past week, respectively.

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.

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 am inside day candle cognizant tech-a

Ticker(s): CTSH