Accenture Is Near a Key Resistance Area
Published on Monday, 29 April 2013 08:32 Written by TradersHuddle Wire
New York, April 29th (TradersHuddle.com) - Shares of Accenture PLC (NYSE:ACN) are trading very close to calculated resistance at $79.66. The stock ended the trading session at just $78.66, 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 $72.42 and by the resistance level at $79.66; 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 $72.42 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $79.66 then traders will get an opportunity to enter the stock as it moves to a higher range.