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Consulting Giant Flashes Epic Double Top: Watch These Prices

By InTheMoneyStocks.com (Gareth Soloway)Stock MarketsMar 28, 2019 02:47PM ET
www.investing.com/analysis/consulting-giant-flashes-epic-double-top-watch-these-prices-200402032
Consulting Giant Flashes Epic Double Top: Watch These Prices
By InTheMoneyStocks.com (Gareth Soloway)   |  Mar 28, 2019 02:47PM ET
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Shares of Accenture (NYSE:ACN) surged higher Thursday morning, hitting a new all-time high at $177.49. That move is significant as price tagged and briefly crossed an epic double top from September 2017. the move followed a vertical run in the stock of 34% from the December 2018 lows. With multiple overbought indicators flashing sell – and an epic double top – traders are looking to short Accenture.

What's Next?

They expect a classic pull back off a double top to a pivot of $165.50 in the next week or two. Further out, a drop to $150 is likely. This is a classic technical trade setup for swing traders.

Accenture PLC.
Accenture PLC.

Consulting Giant Flashes Epic Double Top: Watch These Prices
 

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Consulting Giant Flashes Epic Double Top: Watch These Prices

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