ACN stuck within tight trading range
Accenture plc Class A (ACN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ACN finished the month 6.5% higher at 214.72 after gaining $2.00 (0.94%) today, underperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 213.39, the market confirmed its breakout through the prior session high after trading up to $2.25 above it intraday.
Daily Candlestick Chart (ACN as at Jun 30, 2020):
Tuesday's trading range has been $3.51 (1.65%), that's below the last trading month's daily average range of $5.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ACN. Prices continued to consolidate within a tight trading range between 210.15 and 216.93 where it has been caught now for the last three trading days.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical support level at 210.83 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 217.89 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 210.15 where further sell stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Accenture plc. Out of 95 times, ACN closed higher 57.89% 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 61.05% with an average market move of 1.42%.