Possible Bullish Inside Day Candle Pattern Detected for Cognizant Technology Solutions (NASDAQ:CTSH)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cognizant Technology Solutions (NASDAQ:CTSH) based on the price action in the company's shares. Yesterday's price range of $55.62 and $56.69 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 Technology Solutions may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
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.
There is potential upside of 35.8% for shares of Cognizant Technology Solutions based on a current price of $56.00 and an average consensus analyst price target of $76.04. The stock should run into initial resistance at its 50-day moving average (MA) of $59.23 and subsequent resistance at its 200-day MA of $61.71.
In the past 52 weeks, shares of Cognizant Technology Solutions have traded between a low of $51.22 and a high of $69.80 and closed yesterday at $56.00, which is 9% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has remained constant.
SmarTrend is monitoring the recent change of momentum in Cognizant Technology Solutions. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cognizant Technology Solutions in search of a potential trend change.
Keywords: bullish am inside day candle Cognizant Technology Solutions