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.
