ACN pushes through 20-day moving average
Accenture plc (ACN) Technical Analysis Report for Apr 16, 2018
Moving higher for the 3rd day in a row, ACN ended Monday at 151.42 gaining $1.29 (0.86%). Today's closing price of 151.42 marks the highest close since March 29th. Trading $0.60 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 above Friday's high at 151.41, the stock confirms its breakout through the previous session's high having traded $0.64 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $1.57 (1.04%), that's far below last trading month's daily average range of $3.49. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 152.16. After trading as low as 150.48 during the day, the share found support at the 20-day moving average at 150.53.
ACN shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 20-day moving average at 150.53 today for the first time since March 9th.
Selling might accelerate should prices move below the nearby swing low at 148.16 where further sell stops could get activated. With prices trading close to this year's low at 144.77, downside momentum might speed up should the stock break out to new lows for the year.
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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