On Thursday, before market, Accenture (ACN) is anticipated to report fourth quarter EPS of $1.73 compared to $1.74 a year ago on revenue of approximately $10.9 billion vs. $11.1 billion last year. Accenture is a leading global professional services company and its expected move based on front-month options is 4.5%. The last time the company reported earnings it jumped 7.7%.
Looking at a daily chart, Accenture's stock price has been rising in an uptrend since mid-March. At the beginning of September price fell below its 20-day simple moving average (SMA) and the RSI also took a large dip with price. Currently price is holding below its 20-day SMA and above its 50-day SMA, and the RSI is chopping around the 50 level. The technical positioning of price and the RSI call for investors to be cautious because price could either continue its uptrend or start a new downtrend. If price can manage to hold above its 229.00 support level, then price will likely retest the all-time high of roughly 248.00. If price can break out above 248.00 it would be a bullish signal and price could potentially reach for its first Fibonacci target of 278.00. However, if price closes below its 229.00 support level it would be a bearish signal that could send price down to its second support at 220.00. If price cannot rebound off of its 220.00 level then it could lead to the beginning of a downtrend.
Source: GAIN Capital, TradingView
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.