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...
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...
CTSH near to breakout. 45 would be first target. I hope, It should be valid breakout for descending weekly triangle.
Short entry : 59.25
stop loss : 61
first target : 45
second target : 33
Regards,
Vkram
