The technical picture of the Accenture Plc (NYSE: CAN) stock on our daily chart shows that the share price continues to balance above a short-term tentative upside support line taken from the low of March 8th. That said, in order to aim for higher areas, a break above the current highest point of April would be needed. That barrier is at 345.24.
If that break happens, this will confirm a forthcoming higher high, potentially opening the door for a move to the 360.06 hurdle, marked by the highest point of February. Initially, ACN might stall there for a bit, however, if the buyers remain strong, they may overcome that hurdle and target the 376.67 level. That level marks the inside swing low of January 12th.
The RSI is currently pointing slightly to the downside but continues to run above 50. The MACD, despite being flat, remains above zero and the signal line. Overall, the two oscillators show positive price momentum, supporting the idea discussed above.
On the downside, a break of the aforementioned upside line and a price-drop below the 330.65 hurdle, marked by the inside swing high of March 28th, could signal a change in the direction of the current short-term trend, possibly clearing the path towards lower areas. ACN may drift to the 320.11 obstacle, a break of which might set the stage for a move to the 303.98 zone. That zone marks the low of March 14th.
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