Accenture PLC (ACN) - September 5, 2023
Accenture PLC (ACN) moved into the Favored zone of the SIA S&P 100 Index Report on May 29th and has moved up to the 23rd spot in the rankings now after the long weekend. ACN has moved up 3 spots over the last week and is up 7.77% over the last quarter and 24.28% so far YTD.
Accenture is a professional services company providing strategy and consulting through technology and operations services worldwide. Accenture now has over 514,000 employees in 200 locations across 50 counties as the fourth largest consulting company in the world. Last week, the company announced it has acquired Perth-cased consulting provider, ATI Solutions Group, strengthening ACN’s digital technology and automation capabilities.
Accenture’s growth strategy heavily involves acquisitions as it spent $3.4 billion on 38 acquisitions in fiscal 2022, $4.2 billion in fiscal 2021, and around $1.5 billion in fiscal 2020.
Looking at a candlestick chart, we can see that ACN has moved upwards in a channel since March towards resistance just above the $340 level. We can see a golden cross (where the 50-day moving average moves above the 200-day moving average) happening at the end of May which
Looking at a point and figure at a 2% scale, Accenture PLC (ACN) has moved up in some strong moves since May with two 3-box reversals as it moves higher. It has now triggered a Double Top chart pattern moving to new YTD highs as it approaches the first resistance level at $337.25. Further resistance can be found above at $358 and at its prior all-time high at $411 should its strength continue.
To the downside, support can be found at the bottom of its previous 3-box reversal at $293.59. Further support can be found around the $260 level. With an SMAX score of 8 out of 10, Accenture is showing near-term strength against all asset classes.
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