June 5 Chart of the Day - Accenture

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Accenture (ACN), a global business management consulting firm, is trending in the news lately and not for great reasons.

Unlike the broader markets which have essentially been on a meteoric rise the past several months, Accenture's stock price has been plunging most of this entire calendar year so we wanted to review their chart from a price action technical analysis perspective.

We have featured over 220 Charts of the Day during the past year and will be launching a Price Action Trading Performance and Mindset Boot Camp starting June 5, 2024 to help traders become more confident and consistent with their trading results.

Monthly Chart 

On the monthly chart we can see that price was firmly rejected in the $387 area price and has been melting down through several possible support levels, seemingly is in search of a solid bottom.

Weekly Chart

 
On the weekly chart we can see with much more clarity the recent rapid and steady fall down below $300.

Trading at $290.77 earlier today price is at a potential decision level and sitting near a long term bull trend line.

Price may take its time in this area before deciding on its next move.  With earnings scheduled for before market open on June 20 price may just wait on that for a directional catalyst.

We've layered in traditional Fibonacci levels in both directions as well as support/resistance and trend to help identify potential future price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next?