Earnings Play: Accenture
Jason Lubin June 24, 2020 11:00 AM
Accenture's 3Q earnings are expected on Thursday. Here is what to look out for.
On Thursday, before market, Accenture (ACN) is expected to report third quarter EPS of $1.85 compared to $1.93 a year ago on revenue of approximately $10.8B vs. $11.1B last year. The company is a leading global professional services provider and on June 23rd, Accenture Federal Services, a subsidiary of the company, announced that it will be opening an Advanced Technology Center in St.Louis County, Missouri, this year to provide U.S. federal government agencies with artificial intelligence, cloud services and cyber solutions.
From a technical point of view, on a daily chart, Accenture's stock price has been rising inside of an ascending wedge pattern that began to form in mid-March. Price is currently stuck to the lower trend line. The RSI recently broke below a bullish trend line in place since late-February. The highest high inside of the ascending wedge pattern is $211.00, just below the all-time high of $216.00 reached on February 19th. Look for a potential break below to confirm a bearish rising wedge pattern. If price cannot find support at $195.00 then we may see a further decline towards $182.00. If price manages to hold inside of the ascending wedge pattern then we may see a retest of the all-time high at $216.00.
Source: GAIN Capital, TradingView
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