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

By Shiri Gupta

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. Today's price range of $166.65 and $166.65 is within yesterday'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.

Over the past year, Accenture Plc-A has traded in a range of $132.63 to $175.64 and is now at $166.65, 26% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

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.

Potential upside of 1.7% exists for Accenture Plc-A, based on a current level of $166.65 and analysts' average consensus price target of $169.56. Accenture Plc-A shares have support at the 200-day moving average (MA) of $160.44 and additional support at the 50-day MA of $157.31.

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 12.0%. We continue to monitor ACN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle accenture plc-a

Ticker(s): ACN