{"id":11297,"date":"2011-05-03T11:53:39","date_gmt":"2011-05-03T15:53:39","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=11297"},"modified":"2011-05-03T11:53:39","modified_gmt":"2011-05-03T15:53:39","slug":"opening-drive-play-ctsh","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/opening-drive-play-ctsh","title":{"rendered":"Opening Drive Play (CTSH)"},"content":{"rendered":"<p>CTSH gapped down from a close of 83 to 78 in the premarket.<\/p>\n<p><strong>Intraday Fundamentals (From Barron&#8221;s)<\/strong><\/p>\n<p>Shares of IT outsourcing firm\u00a0<strong>Cognizant Technology Solutions<\/strong> (<a href=\"http:\/\/online.barrons.com\/public\/quotes\/main.html?symbol=CTSH\">CTSH<\/a>) are off\u00a0$6.11, or 7.4%, at $76.10 after the company this morning despite\u00a0<a href=\"http:\/\/investors.cognizant.com\/index.php?s=43&amp;item=163\">beating Q1 estimates<\/a> and forecasting the current quarter and the year above estimates.<\/p>\n<p>The drop is likely part of the broad-based weakness in IT Offshore names following<strong>India\u2019s<\/strong> central bank\u2019s announcement this morning it is\u00a0<strong>raising its key lending rate<\/strong> a half a point.\u00a0<strong>Infosys<\/strong> (<a href=\"http:\/\/online.barrons.com\/public\/quotes\/main.html?symbol=INFY\">INFY<\/a>) shares, for example, are down $1.85, or 3%, at $63.57.<\/p>\n<p><strong>Longer Term Technicals<\/strong><\/p>\n<p>Below 77.75 the next technical level was 76ish.<\/p>\n<p><strong>The Tape<\/strong><\/p>\n<p>There was risk right on the open as CTSH looked illiquid. \u00a078 was holding the offer but if this offer lifted it was difficult to gauge our exit. \u00a078 held and CTSH traded lower. \u00a077.80 repeated on the offer. \u00a0Was this the selling and then selling lower pattern that foreshadows an opening drive?<\/p>\n<p>No. \u00a077.75 held the bid impressively and then 77.80 lifted. \u00a0We found 78 again on the offer. \u00a0Was this an opening range set up where 77.75 was buying and 78 was selling? \u00a0Was 77.75 the bottom on the open and CTSH ready to reverse? \u00a0If CTSH was ready to bounce I would expect a flush through 78.<\/p>\n<p>That didn&#8217;t happen as 78 again was not violated. \u00a0CTSH found the 77.75 intrday on-the-open level again. \u00a075c dropped.<\/p>\n<p>The play is now to short and play for the opening drive, a bigger momentum downmove. \u00a0There was a clean two points in this pattern today. \u00a0Perhaps you can learn to make this set up your own.<\/p>\n<p>Mike Bellafiore<\/p>\n<p>Author, <a href=\"http:\/\/www.amazon.com\/gp\/product\/0470529407\/ref=cm_rdp_product_img\">One Good Trade<\/a><\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/ctsh.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11298\" title=\"ctsh\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/ctsh.png\" alt=\"\" width=\"497\" height=\"420\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/ctsh.png 710w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/ctsh-300x253.png 300w\" sizes=\"auto, (max-width: 497px) 100vw, 497px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CTSH gapped down from a close of 83 to 78 in the premarket. Intraday Fundamentals (From Barron&#8221;s) Shares of IT outsourcing firm\u00a0Cognizant Technology Solutions (CTSH) are off\u00a0$6.11, or 7.4%, at $76.10 after the company this morning despite\u00a0beating Q1 estimates and forecasting the current quarter and the year above estimates. The drop is likely part of the broad-based weakness in IT &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/opening-drive-play-ctsh\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[1773,4674,1772,1354,1349],"class_list":["post-11297","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-ctsh","tag-one-good-trade","tag-opening-drive-play","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Opening Drive Play (CTSH) | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/opening-drive-play-ctsh\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opening Drive Play (CTSH) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"CTSH gapped down from a close of 83 to 78 in the premarket. Intraday Fundamentals (From Barron&#8221;s) Shares of IT outsourcing firm\u00a0Cognizant Technology Solutions (CTSH) are off\u00a0$6.11, or 7.4%, at $76.10 after the company this morning despite\u00a0beating Q1 estimates and forecasting the current quarter and the year above estimates. The drop is likely part of the broad-based weakness in IT ... 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