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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 $60.73 and $61.23 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.

Potential upside of 47.2% exists for Cognizant Tech-A, based on a current level of $61.03 and analysts' average consensus price target of $89.85. The stock should run into initial resistance at its 50-day moving average (MA) of $61.47 and subsequent resistance at its 200-day MA of $65.82.

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology.

Over the past year, Cognizant Tech-A has traded in a range of $56.73 to $74.85 and closed yesterday at $61.03, 8% above that low. The 200-day and 50-day moving averages have moved 0.04% lower and 0.16% lower over the past week, respectively.

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