ACN closes below its opening price unable to hold early session gains
Accenture plc (ACN) Technical Analysis Report for Sep 14, 2018
ACN finished the week 1.52% higher at 171.64 after losing $0.43 (-0.25%) today on high volume. Trading $0.53 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $1.25 (0.73%), that's below last trading month's daily average range of $1.57. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, the stock closed lower but above the previous day's open today, forming a bearish Harami Candle.
Prices are trading close to the key resistance level at 172.51. After having been unable to move lower than 170.85 in the prior session, Accenture plc found buyers again around the same price level today at 171.02.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 172.51 where further buy stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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