After Yesterday's Rally of 1.55% Shares Could Potentially Pullback
Cognizant Technology Solutions (NASDAQ:CTSH) traded in a range yesterday that spanned from a low of $53.62 to a high of $54.30. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $54.02 on volume of 2.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Cognizant Technology Solutions share prices have moved between a 52-week high of $69.80 and a 52-week low of $51.22 and are now trading 6% above that low price at $54.18 per share. 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 recommended that its subscribers protect gains by selling shares of Cognizant Technology Solutions on June 16th, 2016 by issuing a Downtrend alert when the shares were trading at $59.22. Since that call, shares of Cognizant Technology Solutions have fallen 9.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
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