Business Software & Svcs Industry Technical AnalysisArchive
- 8/9/2019 -
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Cognizant Technology Solutions Corp. (CTSH)
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|It was the negative week for the Cognizant Technology Solutions Corp. (CTSH). During the week, the CTSH dropped -1.03 points, or -1.62%, and closed at 62.46 on Friday, August 9, 2019. Weekly volume was -16% below average. |
CTSH is a member of Technology Sector. Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
Long-term trend: [See CTSH long-term trend chart]
A long-term downtrend had started on March 15, 2018 at 85.10 and reached 56.73 on May 13, 2019. CTSH lost 28.37 points, or 33.34%, in 60 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 43.98 and resistance is at 71.56. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.
Medium-term trend: [See CTSH medium-term trend chart]
A medium-term uptrend had started on May 13, 2019 at 56.73 and reached 67.88 on August 1, 2019. CTSH gained -11.15 points, or -19.65%, in 11 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (68.55) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. CTSH may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
Weekly Technical Indicators: [See CTSH weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since July 12, 2019. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
Short-term trend: [See CTSH short-term trend chart]
A short-term downtrend had started on August 1, 2019 at 67.88 and reached 61.15 on August 7, 2019. CTSH lost 6.73 points, or 9.91%, in 6 days. The price is now at the 19.47% retracement level.
Daily Technical Indicators: [See CTSH daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Lane's Stochastic.
The daily MACD line is below its signal line since July 29, 2019. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term downtrend is getting stronger.