Approaching Resistance: Accenture
Published on Tuesday, 15 January 2013 06:56 Written by TradersHuddle Wire
New York, January 15th (TradersHuddle.com) - Shares of Accenture PLC (NYSE:ACN) are trading very close to calculated resistance at $70.27. The stock ended the trading session at just $69.86, 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 $65.20 and by the resistance level at $70.27; 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 $65.20 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $70.27 then traders will get an opportunity to enter the stock as it moves to a higher range.