Accenture (ACN) has been rising within a Channel Up pattern since the March 15 bottom but recently entered a corrective wave to form the new Higher Low. This is in the form of a Channel Down pattern that heavily rejected the price yesterday on the 1D MA50 (blue trend-line). This rejection is dangerous as it turned the 1D MACD from a Bullish into a Bearish Cross in a matter of 4 days.
If the 1D MA200 (orange trend-line) holds, we will buy when the price breaks above the Channel Down and target 345.00 (almost the April 05 2022 High). If it closes a 1D candle below Support 1 (294.50) and the 1D MA200 (orange trend-line), we will take the loss and sell, targeting 281.50 (symmetrical -10.80% decline).
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