Accenture stock action update

A $248 target that I was looking for in Accenture was touched last week

Accenture’s stock price completed a mean reversion towards its long term 200 week moving average

However, the downtrend in the stock price remains intact as does the strength of the trend.

While this suggests more weakness in the stock price, I’ll watch whether the stock makes ‘lower lows’.

A ‘higher high’ to reverse this decline from $417, would require the stock to trade back above $323.

I’ll keep in mind that whenever a low is recorded, I wont be thinking that this stock automatically bounces or reverts to those previous lofty heights.

ACN needs to hold $241 next

October 20, 2022

by Rob Zdravevski

Karri Asset Advisors

rob@karriasset.com.au