While software has been gaining ground steadily vs. the benchmark S&P 500 in 2021, the same cannot be said for CGNT. It's been mostly downward action throughout the year since going public in February. The AD line is weak and there really hasn't been a catalyst to get the stock going. BUT, the 3 black arrows mark a triple bottom. On Tuesday, CGNT was below support intraday, but rallied to finish back above it. While I'm not
jumping up and down over the prospects of CGNT, this is an opportunity for at least a bounce. The first step is to clear both key moving averages - the 20-day EMA and 50-day SMA. Once through those 2 moving averages, CGNT could have a shot to return to the top of that recent ugly red candle just above 24 bucks.
