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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. Yesterday's price range of $68.52 and $68.72 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 29.2% for shares of Cognizant Tech-A based on a current price of $69.56 and an average consensus analyst price target of $89.85. The stock should find initial support at its 50-day moving average (MA) of $63.48 and further support at its 200-day MA of $62.60.

Cognizant Technology Solutions Corporation provides custom information technology (IT) consulting and technology services, as well as outsourcing services. The Company focuses on 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 $56.73 and a high of $74.85 and closed yesterday at $69.56, which is 23% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.6%.

SmarTrend is tracking the current trend status for Cognizant Tech-A and will alert subscribers who have CTSH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle cognizant tech-a

Ticker(s): CTSH