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Possible Bullish Inside Day Candle Pattern Detected for Cognizant Technology Solutions (NASDAQ:CTSH)

By Shiri Gupta

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. Today's price range of $56.09 and $56.69 is within yesterday'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.

Cognizant Technology Solutions (NASDAQ:CTSH) has potential upside of 35.1% based on a current price of $56.28 and analysts' consensus 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.

Over the past year, Cognizant Technology Solutions has traded in a range of $51.22 to $69.80 and is now at $56.28, 10% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

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 inside day candle Cognizant Technology Solutions

Ticker(s): CTSH