Tuesday, May 26, 2015

Aecom (NYSE: ACM)

AECOM provides professional technical and management support services for public and private clients worldwide. The company operates through two segments, Professional Technical Services (PTS) and Management Support Services (MSS). It offers planning, consulting, architectural and engineering design, and program and construction management services for a range of projects, including highways, airports, bridges, mass transit systems, government and commercial buildings, water and wastewater facilities, and power transmission and distribution. The company also provides program and facilities management and maintenance, training, logistics, consulting, technical assistance, and systems integration services primarily for agencies of the U.S. government. It serves transportation, facilities, environmental, energy, water, and government markets.
Take a look at the 1-year chart of Aecom (NYSE: ACM) below with my added notations:
1-year chart of Aecom (NYSE: ACM)
Over the last 8 months ACM has formed an inverse head and shoulders reversal pattern (green). I have noted the head (H) and the shoulders (s) to make the pattern more visible. The stock’s neckline resistance is at the $34 level (Red). ACM will confirm its H&S by breaking through the neckline.
Keep in mind that simple is usually better. Had the inverse H&S pattern never been pointed out, one would still think ACM was moving higher simply if it broke through the $34 resistance level.

The Tale of the Tape: ACM has formed an inverse head & shoulders pattern. A long trade could be entered on a break through the $34 level.
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