Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Accenture Plc (NYSE: ACN) facilitates the provision of management consulting, technology, and outsourcing services. It is a Multinational company, founded in 1989, and is currently headquartered in Dublin, Ireland.
The financial snapshot of the recent quarter
During the quarter that ended on August 31st, the company faced a 10% decrease in bookings. Although consulting bookings increased surprisingly by 1%, managed services decreased by almost 20%. However, the revenue increased by 3.6%. The revenue breakdown shows us an accurate picture.
The company faced weakened demand from industries such as communications, media, and tech, causing revenue to drop by as much as 12%. Moreover, The consulting business, which makes up 51% of the company’s revenue, declined by 2%.
Despite the decrease in significant sections, the organization created a net gain of $2.15 per share while adjusted earnings added up to $2.71 per share, a 4% increment. In the report, Accenture’s administration has declared that they are growing its digital marketing, blockchain, distributed computing administrations, online security items, and artificial intelligence with an arranged $3 billion venture.
Technical Analysis and Prediction of the ACN Stock Price
The ACN stock made a bullish reversal back in March this year. Bulls took a support of the $244 level and then the uptrend started. The investors broke another primary resistance level of $294 to keep its bullish rally on a flow.
However, the significant rejection of the bulls came when the stock price attempted to break the significant resistance level of $327. From June to this day, the bulls have tested this resistance thrice, but the bears have continually reclaimed that level.
Current price action and prediction
At the press time, the ACN stock price is trading at $309, just near the support level of $304. The Bulls have taken a bounce off from that support level and are looking to keep surfing the bullish trendline.
The next move for the ACN stock is looking bullish as the bulls are rejecting the bears upon breaking the support level. The stock price can reach up to the immediate resistance of $327, where the bulls will make another attempt to break it. Suppose the investors follow the trend, this resistance level will take a short time to break.
Conclusion
Accenture Plc (NYSE: ACN) has reported some increasing profits in its recent quarterly reports. When diving deep, it is revealed that the major sectors contributing to the revenue have declined by minor percentages. The stock price is following its bullish trend, but a major resistance is ahead. So, the prediction is bullish if the investors continue to pursue the trend
Technical Levels
Support: $304, and $294
Resistance: $327, and $342
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/05/acn-stock-price-investors-wouldnt-wish-to-miss-this-breakout/