Accenture closing in on target

For more sometime, I have been espousing about the pending mean reversions which tend to follow parabolic price rises.

6 months ago, I wrote this note about Accenture’s extraordinary rise to $415 and triggering long term Overbought signals. Since that note, the stock didn’t travel any higher than that price.

Since then, the stock has declined 33% as it approaches its 200 week moving average.

Even more notable is that its market capitalisation has declined $90 billion.

Now, the stock price is $280 and I am looking for it to visit $255, preferably $248, which would satisfy the mean reversion.

July 3, 2022

by Rob Zdravevski

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