Cogent Systems (COGT) Showing Signs Of Slipping Into Bearish Zone

Biometric identification systems provider Cogent Systems (NASDAQ: COGT) posted a quarterly profit that missed Wall Street expectations yesterday, hurt by a 38% fall in product revenue. Cogent Systems (COGT), which started falling in anticipation of disappointing quarterly performance, are likely to start the Thursday session with a gap-down opening.

Cogent Systems, which closed after breaching below its 20 day MA and 50 day MA in the same session on Wednesday, is likely to show further weakness on charts today. This is despite the reassurance made by Cogent Systems’ (COGT) management that it would manage to meet its full year guidance for 2010.