Cognizant Looks Poised For A Breakout

By Unknown Wednesday, January 18, 2017
I have been long shares of Cognizant Technologies (CTSH) since late 2016. Shares caught a bid after it was revealed that activist investor Elliot Management took a 4% stake in the company in late November 2016.

Shares have been consolidating in the $55 - $57 range for over a month, the 50 day moving average is trending up, and it looks poised to cross above the 200 day moving average. This is known as a golden cross, which is a popular buy signal for technicians. RSI is trending up after bouncing off of the 50 level multiple times.

My eye sees an ascending triangle that, if broken to the upside, could see a swift move to the $60's. I will remain long my core position and will cut my losses if shares decisively break below its 50 day moving average.

Longer term, if CTSH manages to break out of its ascending triangle, a measured move target points to $66.
The Wall Street Fox

The Wall Street Fox utilizes fundamental and technical analysis to generate investment ideas. TWSF holds a MBA, and is currently preparing for the Chartered Market Technician (CMT) designation.

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