Trading Idea: - Is Accenture close to Resistance?

New York, March 5th (TradersHuddle.com) - Shares of Accenture PLC (NYSE:ACN) are trading very close to calculated resistance at $75.97. The stock ended the trading session at just $75.24, 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 $75.97; 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 $75.97 then traders will get an opportunity to enter the stock as it moves to a higher range.

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o Dow Jones 17,810.06 ▲91.06 (0.51%)
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INDEXDJX:.DJI

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Company ID [INDEXDJX:.DJI] Last trade:17,810.06 Trade time:4:33PM EST Value change:▲91.06 (0.51%)
INDEXSP:.INX

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Company ID [INDEXSP:.INX] Last trade:2,063.50 Trade time:4:33PM EST Value change:▲10.75 (0.52%)
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Company ID [INDEXNASDAQ:.IXIC] Last trade:4,712.97 Trade time:5:15PM EST Value change:▲11.10 (0.24%)

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