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CTSH Stock Price Prediction: New Yearly Highs Soon?

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Written By: Abdullah Sarwar

Nov 22, 2023, 19:40 GMT 19:40

Summary:

CTSH stock price forecast: The stock of the Congnizant Technology Solutions is gaining a very bullish outlook after breaking above $69.

Cognizant Technology Solutions Corporation (NASDAQ: CTSH) stock price has beaten the analyst forecasts after a recent breakout. As a result, the stock price of the IT and consulting company is now targeting new yearly highs.

The release of the Q3 earnings report marked the bottom for the CTSH shares as the price took a bullish turn from its October lows. Since then, the stock has surged 13% and there appears to be more upside for the coming weeks.

A lot depends on the bulls’ ability to flip the $69 resistance level into support. This level has a historical significance and goes back till 2015 when the price faced the first rejection from this level.

However, currently, the price is trading briefly above this level, but the breakout still needs to be confirmed.

In case of a confirmed breakout, the first target for CTSH stock price would be $72.7. However, the main target would be the imbalance which lies above $77 on the weekly timeframe.

CTSH Chart

This post was last modified on Nov 22, 2023, 19:40 GMT 19:40

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.