Accenture PLC (ACN) is pointed up at this moment, but I would be "on guard" for a possible pullback as a Point and Figure price target is about to be reached.
In this daily bar chart of ACN, below, we can see that prices are in an uptrend. ACN is above the positively sloped 50-day moving average line and the bullish 200-day line. The daily On-Balance-Volume (OBV) has been rising the past twelve months and confirms the price gains to new highs with its own new high. The Moving Average Convergence Divergence (MACD) oscillator is poised to cross to the downside for a take profits sell signal.
In this weekly bar chart of ACN we can see that prices are above the rising 40-week moving average line. The weekly OBV line is pointed up and the MACD oscillator has just turned up to a fresh outright go long signal.
In this Point and Figure chart of ACN, below, we can see that prices are close to reaching a $176.87 price target. A decline may not evolve but it does imply that traders and investors who pay attention to technical analysis might be taking some profits.
Bottom line strategy: ACN is not a sell but we could see prices weaken. I would suggest raising sell stops to a close below $165 which would be a close below the rising 50-day average line.
