ADP dominated by bulls lifting the market higher throughout the day
Automatic Data Processing (ADP) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (ADP as at Aug 10, 2018):
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.