ACN | Very overbought and due for a drawback
Updated
ACN looks to have run really hot over the past few days.
RSI is overbought (78) and the stock is trading almost 20% premium to its 200-day MA.
It is also at the top of a rising wedge channel that it has been charting since March 2020.
The stock has many areas of support to trade down to, 280$ being the strongest of the lot. I would be adding significantly if it were to trade down to this level.
Interestingly Volume has remained significant despite the ATHs.
I keep loving this name for long-term investment purposes.
Any thoughts?
Thanks!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
RSI is overbought (78) and the stock is trading almost 20% premium to its 200-day MA.
It is also at the top of a rising wedge channel that it has been charting since March 2020.
The stock has many areas of support to trade down to, 280$ being the strongest of the lot. I would be adding significantly if it were to trade down to this level.
Interestingly Volume has remained significant despite the ATHs.
I keep loving this name for long-term investment purposes.
Any thoughts?
Thanks!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Note
I keep being pleasantly surprised by the resilience of this stock..
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