Trading Idea: Key levels for Accenture

Published on Friday, 29 June 2012 06:04 Written by TradersHuddle Wire

New York, June 29th (TradersHuddle.com) - Shares of Accenture PLC (NYSE:ACN) are trading very close to calculated support at $56.55 with price action closing at just $56.63 and placing the stock near levels where traders will start paying attention.

Accenture's stock range is defined by its calculated support defined at $56.55 and by the resistance level at $60.32, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to Accenture's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $60.32 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

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.