Shares of Accenture (NYSE:ACN) surged higher Thursday morning, hitting a new all-time high at $177.49. That move is significant as price tagged and briefly crossed an epic double top from September 2017. the move followed a vertical run in the stock of 34% from the December 2018 lows. With multiple overbought indicators flashing sell – and an epic double top – traders are looking to short Accenture.
What's Next?
They expect a classic pull back off a double top to a pivot of $165.50 in the next week or two. Further out, a drop to $150 is likely. This is a classic technical trade setup for swing traders.