Accenture Plc (NYSE: ACN) ACN stock price has exited the rising channel lows and is trying to retest the trendline of $310. However, the chart shows that during the breakdown, ACN stock managed to sustain the selling pressure at the 200-day EMA and made a doji candlestick, indicating that bulls somehow tried to hold the gains instead of a major correction in the intraday session. Furthermore, instead of follow-on selling, buying interest was noted, and ACN stock tried to revert the gains and is willing to reenter the channel.
Moreover, if ACN share price again surpasses the 20-day EMA, bullishness will continue, and ACN stock will skyrocket to $350. Conversely, if rejection comes from the trendline of $315, profit booking may lead to retesting the round mark of $300 in the coming sessions.
ACN stock is close to the 100-day EMA. Furthermore, per the options chain, at the strike price of $315, a massive open interest of 289 hundred shares on the put side showed that long positions were trapped during the panic selloff but still not squared off yet.
At press time, ACN stock price is trading at $307.11 with an intraday gain of 2.11%, showing the pullback in yesterday’s session. Moreover, the trading volume increased by 1.23% to 3.67 Million, and the market cap is $204.071 Billion. However, analysts have maintained a neutral rating with a yearly target price of $338.52.
Accenture Plc engages in the provision of management consulting, technology, and outsourcing services. It operates through the following geographical segments: North America, Europe and Growth Markets. The company was founded in 1989 and is headquartered in Dublin, Ireland.
Will ACN Stock Regain Momentum Above $310?
On the daily charts, ACN stock price slipped from the channel lows of $310 and showed seller interest due to the weak performance in Q4, 2023.
The net income has fell by 17.55% (YoY) to $1.37 Billion, and the revenues slipped by 0.52% (QoQ) to $15.99 Billion. However, Q4 earnings deliver weak cues in all segments, which leads to negative sentiment. Furthermore, the ACN stock price is close to the round mark of $300, which sellers want to push below it.
The RSI curve stayed below neutrality and is forming a bearish divergence, which is a negative sign for the pullback during the pullback.
The MACD indicator showed a bearish crossover and formed red bars on the histogram suggesting a negative outlook for the upcoming sessions.
Summary
Accenture Plc (ACN stock) price is trading close to the 200-day EMA, where bulls held the gains and showed a pullback. However, the negative sentiment remains, and ACN stock may retest the round mark of $300 in the upcoming sessions. Furthermore, the sellers have attained momentum and are trying to push the stock below the 200-day EMA to initiate a fresh selloff.
Technical Levels
Support Levels: $300 and $280
Resistance Levels: $315 and $330
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/01/accenture-plc-nyse-acn-price-gains-fade-amid-weak-q4-earnings/