ACN still stuck within tight trading range
Accenture plc Class A (ACN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ACN ended the week 0.37% higher at 212.37 after edging lower $0.03 (-0.01%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ACN as at Feb 14, 2020):
Friday's trading range has been $2.19 (1.03%), that's below the last trading month's daily average range of $3.06. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ACN. Prices continued to consolidate within a tight trading range between 209.34 and 213.98 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Tweezer Top. The last time a Tweezer Top showed up on June 29, 2018, ACN actually lost -0.22% on the following trading day.
Prices are trading close to the key technical support level at 211.21 (S1). After having been unable to move above 213.54 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 213.54.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 213.98 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 209.34 where further sell stops might get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Top" stand out. Its common bullish interpretation has been confirmed for Accenture plc. Out of 15 times, ACN closed higher 60.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 80.00% with an average market move of 3.02%.