CTSH closes below its opening price unable to hold early session gains
Cognizant Technology Solutions (CTSH) Technical Analysis Report for Jul 13, 2018
CTSH ended the week 1.43% higher at 81.71 after tanking $1.61 (-1.93%) today. This is the biggest single day loss in over two months. Trading $0.59 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $1.51 (1.83%), that's slightly above last trading month's daily average range of $1.31. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 80.75. Breaking below the key support level at 82.10 today, it is now likely to act as resistance going forward. After having been unable to move lower than 81.44 in the prior session, the share found buyers again around the same price level today at 81.57.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 81.11 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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