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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $61.57 and $61.90 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. Traders and investors interested in shares of Cognizant Tech-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 $62.59, which is 10% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

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.

Potential upside of 43.6% exists for Cognizant Tech-A, based on a current level of $62.59 and analysts' average consensus price target of $89.85. Cognizant Tech-A shares should encounter resistance at the 200-day moving average (MA) of $62.68 and support at the 50-day MA of $62.21.

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: bullish am inside day candle cognizant tech-a

Ticker(s): CTSH