ACN | Text book price actionACN has been giving us text book price action recently.
Over the past couple months we have seen price consolidate in an ascending triangle / pennant formation. Breakout on the 11th March gave the stock momentum to trade to new ATHs through March.
It has since been forming a perfect bull flag.
If the stock can catch momentum again, I see upside to the 285$ range in the coming weeks.
Any thoughts?
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
CSA trade ideas
ACN | Ascending triangle, EarningsHi all,
ACN has done well out of it's ER from last week - growth numbers were solid and constant, and in general management has never really disappointed in its Strategy and Execution.
On the 1D chart, we can see an ascending triangle forming since the end of October 2020. This pattern usually skews to the Bullish side.
However, the double top @270$ gives us a level which we need to watch closely before confirming this bullish move. ~295$ price target by this summer if the stock reacts well and pops from this triangle to the upside.
Any thoughts? Please like and comment!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
$ACN with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $ACN after a positive overreaction following its earnings release placing the stock in drift B
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🍀 Happy Saint Patrick's Day Accenture, earnings tomorrow 3/18(ACN) Accenture is a fortune global 500 company headquartered in Dublin, Ireland. Hopefully the luck of the Irish from Saint Patrick's Day rubs off on their earnings report tomorrow 3/18 at 6:45am EST. Accenture (ACN) reported 1st Quarter November 2020 earnings of $2.17 per share on revenue of $11.8 billion. The consensus earnings estimate was $2.04 per share on revenue of $11.4 billion. Revenue grew 3.5% on a year-over-year basis.
2nd Quarter February 2021 Consensus:
EPS = $1.90
Revenue = $11.82 B
breakout = $277.17
R3 = $272.99
R2 = $268.82
R1 = $264.26
pivot = $261.35
S1 = $257.05
S2 = $253.26
S3 = $249.84
breakdown = $246.80
Do your own due diligence, your risk is 100% your responsibility. You win some or you learn some. This is for educational and entertainment purposes only. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, risk management
Beware of analysts motives
Emotions & Opinions
FOMO : bad timing
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
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Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big organized desk
Reading books, playing chess
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
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pi RSI - trend momentum
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the b[AI]te's weekly insights -- ACN 2021-01-18center stage image
stock
our system found that ACN received the best image over the course of last week.
comment image
we see a moderate negative correlation with our image indicator. We therefore assume that prices are driven partial emotionally and that there is probably some other catalyst with regard to the company resulting in an uncertain pricing.
comment event
on 2021-01-15 we categorized the last incoming headlines as an STRATEGIC event. We found the following topics as part of the aforementioned event:
wolox - acquires
boosting - acquires
cloud - capabilities
transformation - capabilities
south - america
america - argentina
FAQ
ATTENTION
our algorithms define ATTENTION as the overall number of stories and opinions that appear for a given security each day
IMAGE
our algorithms define IMAGE as the averaged sentiment value extracted from all opinions received for a given security per day.
$ACN with a neutral outlook after earnings release The PEAD projected neutral outlook for $ACN after a positive under reaction following earning release placing the stock in Drift A
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Cup and Handle Earnings 12-17 BMOEarnings tomorrow before market open..Cab be risky to buy before earnings. ACN is in a narrowing rising wedge pattern but has not broken bottom trendline, so pattern is not valid..yet Rising wedges can be bearish if that line is broken and represents disruption in supply and demand..
A lack of healthy pullbacks cause 2 lines that slope up abd converge at the apex.
Support at handle low and mid cup which is 229.10/Cup low is 210.42..
NV and OBV are high/short interest is low..
Cup and handle pattern targets are calculated using cup depth and fibonacci levels..American entrepreneur William J. O'Neil defined the cup and handle (C&H) pattern in his 1988 classic, "How to Make Money in Stocks.
O’Neil pointed to four stages in a cup and handle breakout:
The security posts a significant high in an uptrend that accelerated between one and three months prior.
The next pullback carves out a rounding bottom no deeper than the 50% retracement of the prior trend. This marks the "cup."
The next breakout attempt fails at the prior high, yielding a secondary pullback that holds near resistance, grinding out a smaller rounding bottom, which becomes the "handle."
The security returns to resistance for the second time and breaks out, yielding a measured move target equal to the depth of the cup.
Not a recommendation
t
ACN Bullish 10/19A closing candle above a level will go to the next level.
Levels of resistance are: $233 - $235 = $239
I linked my idea from the previous week which went according to plan.
hopefully this week will be the same.
As always I look forward to your comments for or against this idea. Have a good week.