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COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCOGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCOGNIZANT TECHNOLOGY SOLUTIONS CORPORATION

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION

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CTSH trade ideas

COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION (CTSH) WEEKLY CHART Cognizant Technology has been some profit booking on weekly charts after hitting high of 76.85. After the weekly high candle we saw an inside candle and followed by big bodied red candle with range expansion on downside. Low is formed at 72.69 on the stock. Watch earlier swing highs at 72.71 and 72.36 formed in first and last week of August 2023. We have a important level to watch at 50% of the earlier range which is 72.40 as seen on chart. This level can act as a trend decider for this stock in coming weeks. Happy Trading !!! N.B. : With usual disclaimers as applicable within reach of this post platform.
NASDAQ:CTSH
by kbr9121965
Technical Analysis of Cognizant Technology Solutions ( CTSH )Disclaimer: I don’t own shares of Cognizant Technology Solutions ( CTSH ) The below analysis is not a trading or investment recommendation & is only for learning purpose. 1. CTSH entered a long-term uptrend in Nov’21 with price closing above the 200MA. 2.Price broke the previous high around $83 after having retraced 38% to $66. 3.Price has formed a double top structure on the daily chart with the neckline around $80 showing failure of bullish momentum to break above the previous high around $92 & sustain higher. This is also supported by unconfirmed RSI bearish divergence on the daily chart ; however, price hasn’t broken the trendline yet. A break of the trendline would confirm the bearish divergence between price & RSI . 4.Price is receiving support around the high of the previous consolidation area around $82 indicating no strong interest on the seller’s side to break the $82 support & take it lower. 5.Price volume analysis indicates that the current up move $66 to $92 has not been backed by a significant increase in volume . A strong uptrend is usually supported by a large increase in volume igniting the move followed by bouts of high volume to keep the momentum intact, both of which are missing. 6. For the next leg of up move, price needs to have a close above $93 with increased volume & sustain itself. 7. A break below the neckline around $80 could push the price down to the 200MA around $77 being the first level of support. 8. In the long term after the resistance at $93 is taken out, the stock should eventually reach $109 completing an AB=CD pattern. All the best!
NASDAQ:CTSH
by Venkat_014