Is Accenture Breaking Out?

Published on Wednesday, 20 June 2012 06:44 Written by TradersHuddle Wire

New York, June 20th (TradersHuddle.com) - Shares of Accenture PLC (NYSE:ACN) closed the session at $59.83 just above calculated resistance at $59.25. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.

Accenture PLC (NYSE:ACN) provides management and technology consulting services and solutions. The Company delivers a range of specialized capabilities and solutions to clients across all industries on a worldwide basis.

The stock was trading in a well defined range with support at $54.94 and resistance at $59.25. Given that this range was broken, traders will be closely monitoring Accenture's price action to gather clues on the future direction.

From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Accenture is still near the broken resistance level, traders will be focusing on the $59.25 level to see if the stock holds the breakout without rolling over.