Accenture Is Near Resistance

Published on Wednesday, 18 July 2012 06:36 Written by TradersHuddle Wire

New York, July 18th (TradersHuddle.com) - Shares of Accenture PLC (NYSE:ACN) are trading very close to calculated resistance at $61.12. The stock ended the trading session at just $58.30, which is near levels that make it difficult to buy or start a 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.

Accenture's stock range is defined by its calculated support defined at $56.23 and by the resistance level at $61.12; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Accenture. However, as the stock pulls back towards $56.23 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $61.12 then traders will get an opportunity to enter the stock as it moves to a higher range.