Swing Trade Idea (ACN) – July 2, 2024
Our bullish trade for Tuesday, July 2nd is Accenture plc (ACN). ACN is part of the Technology Sector, which performed at 8.63% over the last month. ACN performed at 6.83% over the same period despite a pullback following a bounce off support.
ACN found support at $280 following the news of the acquisition of Open Stream Holdings as well as its subsidiaries. This move will help clients reinvent their businesses with advanced digital technologies and become truly data-driven. We there believe that the long-term area of support at $280 would hold as support for further gains, with a break above $320 as the first target.
As a close, if ACN were to trade below $280 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $11.40.
