Cognizant Technology Solutions Near the 50 Day

Published on Tuesday, 31 August 2010 06:28 Written by TradersHuddle Staff

New York, August 31st (TradersHuddle.com) - Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) closed the trading day at $57.50 close to its 50 day moving average currently set at $55.58. Cognizant's price action is just above this important support level translating into a trading opportunity.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) provides custom Information Technology (IT) consulting and technology services as well as outsourcing services. The Company focus in technology strategy consulting, complex systems development, and enterprise software package implementation.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $56.55 and calculated resistance at $60.75. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Cognizant Technology Solutions will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.