Look for Shares of Cognizant Technology Solutions to Potentially Pullback after Yesterday's 1.05% Rise
Cognizant Technology Solutions (NASDAQ:CTSH) traded in a range yesterday that spanned from a low of $56.85 to a high of $57.81. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $57.65 on volume of 1.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Cognizant Technology Solutions has traded in a range of $51.22 to $69.80 and is now at $57.54, 12% 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 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 3.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
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