Cognizant Technology Solutions Set to Possibly Rebound After Yesterday's Selloff of 5.25%
Cognizant Technology Solutions (NASDAQ:CTSH) traded in a range yesterday that spanned from a low of $51.46 to a high of $53.19. Yesterday, the shares fell 5.2%, which took the trading range below the 3-day low of $51.50 on volume of 10.5 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
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 7.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Cognizant Technology Solutions share prices have moved between a 52-week high of $69.80 and a 52-week low of $45.44 and are now trading 14% above that low price at $51.63 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.
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