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Possible Bearish Inside Day Candle Pattern Detected for Accenture Plc-A (NYSE:ACN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Accenture Plc-A (NYSE:ACN) based on the price action in the company's shares. Yesterday's price range of $164.26 and $164.53 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Accenture Plc-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 2.9% for shares of Accenture Plc-A based on a current price of $164.82 and an average consensus analyst price target of $169.56. Accenture Plc-A shares have support at the 200-day moving average (MA) of $160.19 and additional support at the 50-day MA of $154.72.

In the past 52 weeks, Accenture Plc-A share prices have been bracketed by a low of $132.63 and a high of $175.64 and closed yesterday at $164.82, 24% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has remained constant.

Accenture plc provides consulting, technology, and outsourcing services in Ireland and internationally. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, develop industry-specific solutions, and enhance efficiencies and business results for communications, media, high tech, software, and platform companies.

SmarTrend recommended that subscribers consider buying shares of Accenture Plc-A on January 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $150.26. Since that recommendation, shares of Accenture Plc-A have risen 9.2%. We continue to monitor ACN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle accenture plc-a

Ticker(s): ACN