ACCENTURE
CMP 255
To keep track on where Indian IT stocks can bottom, keep an eye on Accenture.
Accenture as a company is having lot of advantages but is trading at cheaper price than many leading IT companies .
It seems that it would close below 40 MMA this month . And as per the chart, it can go down much deeper.
Lower end of long term channel (from 2009) is near 210 and it also coincides with where C=A. So at aleast 15% correction is balance as per this chart.
Keep track of it , and one can get sense of where Indian IT pack can go.
Monthly Chart
Keep in consideration that it is a monthly chart, hence it might take few months for this scenario to play out (if it plays out)
Disclaimer :This post is just for learning few methods of price-patterns. Views are personal. No buy/sell recommendations. These are probability study methods and chances of success/failure depend upon various factors
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