ACN | Primed for a healthy pull-back
Hey all!
So ACN looks primed for a healthy pull-back after legging up since the beginning of March.
We can see a pretty indecisive range around the 290$ mark, which signalled a temporary top for this stock.
Furthermore, we can see this long-term rising wedge being tested, and a break-down could trigger a consolidation phase.
My best bet would be a very light 4-5% pullback to the 268$ range.
If this level doesn't hold, we could see a retracement down to the 200-day SMA around 250$, providing a nice 11% discount to current prices.
I will be adding at these two pivot points on the way down!
Any thoughts?
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
So ACN looks primed for a healthy pull-back after legging up since the beginning of March.
We can see a pretty indecisive range around the 290$ mark, which signalled a temporary top for this stock.
Furthermore, we can see this long-term rising wedge being tested, and a break-down could trigger a consolidation phase.
My best bet would be a very light 4-5% pullback to the 268$ range.
If this level doesn't hold, we could see a retracement down to the 200-day SMA around 250$, providing a nice 11% discount to current prices.
I will be adding at these two pivot points on the way down!
Any thoughts?
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
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