ADP dominated by bulls lifting the market higher throughout the day


Automatic Data Processing (ADP) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
ADP dominated by bulls lifting the market higher throughout the day
ADP unable to break through key resistance level
ADP closes higher for the 2nd day in a row
ADP finds buyers again around 137.77
ADP pushes through previous session high
TQ Sentiment
Report Sentiment: 55% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, ADP finished the week 3.75% higher at 139.29 after gaining $0.92 (0.66%) today. Today's closing price of 139.29 marks the highest close since June 15th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 139.14, Automatic Data confirms its breakout through the prior session's high having traded $0.84 above it intraday.

Daily chart for ADP
Volatility

Friday's trading range was $2.21 (1.6%), that's slightly above last trading month's daily average range of $2.11. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Support/Resistance

Prices are trading close to a key support level at 138.01. Unable to break through the key technical resistance level at 139.95, the share closed below it after spiking as high as 139.98 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 138.00 in the previous session, the stock found buyers again around the same price level today at 137.77.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the close-by swing high at 140.39 where further buy stops could get activated. With prices trading close to this year's high at 141.52, upside momentum might accelerate should the market be able to break out to new highs for the year. Further buying could move prices higher should the market test July's nearby high at 140.39.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Automatic Data Processing
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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