CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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Earnings Play Accenture

Article By: ,  Financial Analyst
September 23, 2020 12:05 PM

Earnings Play: Accenture

On Thursday, before market, Accenture (ACN) is anticipated to report fourth quarter EPS of $1.73 compared to $1.74 a year ago on revenue of approximately $10.9 billion vs. $11.1 billion last year. Accenture is a leading global professional services company and its expected move based on front-month options is 4.5%. The last time the company reported earnings it jumped 7.7%.     

Looking at a daily chart, Accenture's stock price has been rising in an uptrend since mid-March. At the beginning of September price fell below its 20-day simple moving average (SMA) and the RSI also took a large dip with price. Currently price is holding below its 20-day SMA and above its 50-day SMA, and the RSI is chopping around the 50 level. The technical positioning of price and the RSI call for investors to be cautious because price could either continue its uptrend or start a new downtrend. If price can manage to hold above its 229.00 support level, then price will likely retest the all-time high of roughly 248.00. If price can break out above 248.00 it would be a bullish signal and price could potentially reach for its first Fibonacci target of 278.00. However, if price closes below its 229.00 support level it would be a bearish signal that could send price down to its second support at 220.00. If price cannot rebound off of its 220.00 level then it could lead to the beginning of a downtrend.       



Source: GAIN Capital, TradingView

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