As part of Jim Cramer's Mad Money program on Friday night, he continued to outline his game plan for this week.
On Thursday, we'll hear from Accenture ( ACN) , Nike ( NKE) , and FedEx ( FDX) . Cramer said FedEx might not be able to hold its momentum and Nike hinges on growth in China. He was bullish on Accenture, the professional services' company.
Let's now check out the charts of ACN.
In this daily bar chart of ACN, below, we can see that prices have been stalled for a few weeks. Prices have traded sideways and have slipped below the cresting 50-day moving average line. The On-Balance-Volume (OBV) line shows weakness from early May. The Moving Average Convergence Divergence (MACD) oscillator is poised to cross above the zero line for a new outright buy signal.
In this weekly Japanese candlestick chart of ACN, below, we do not see a top reversal pattern. Prices are trading above the rising 40-week moving average line. The weekly OBV line shows weakness from February. The MACD oscillator has crossed to the downside for a take profit sell signal.
In this daily Point and Figure chart of ACN, below, we can see that prices met and extended a $277 price target.
In this weekly close only Point and Figure chart of ACN, below, we can see a longer-term price target of $421.
Bottom line strategy: Aggressive traders could probe the long side of ACN at current levels risking to $269 for now. Add on strength above $290. The $421 area is our price target.
