ACN closes within previous day's range
Accenture plc (ACN) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
ACN ended the week 0.19% higher at 160.68 after gaining $0.04 (0.02%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ACN as at Aug 10, 2018):
Friday's trading range was $1.59 (0.99%), that's slightly below last trading month's daily average range of $1.97. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 161.39, the share closed below it after spiking as high as 161.47 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. Accenture plc ran into sellers again today around 161.47 for the third trading day in a row after having found sellers at 161.74 in the previous session and at 161.65 two days ago.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying could speed up should prices move above the nearby swing high at 161.74 where further buy stops might get activated.