ADP closes above its opening price after recovering from early selling pressure


Automatic Data Processing Inc. (ADP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

ADP rises to highest close ever
ADP runs into sellers around 181.27 for the third day in a row
ADP closes above its opening price after recovering from early selling pressure
ADP closes higher for the 3rd day in a row
ADP pushes through Thursday's high

Overview

Moving higher for the 3rd day in a row, ADP finished the week 1.2% higher at 181.25 after gaining $1.14 (0.63%) today on low volume, slightly outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 181.25 marks the highest recorded closing price ever. Trading up to $0.76 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on February 6th, ADP actually lost -0.64% on the following trading day. Closing above Thursday's high at 180.99, the market confirmed its breakout through the previous session high after trading up to $0.28 above it intraday.

Daily Candlestick Chart (ADP as at Feb 14, 2020):

Daily technical analysis candlestick chart for Automatic Data Processing Inc. (ADP) as at Feb 14, 2020

Friday's trading range has been $1.87 (1.04%), that's below the last trading month's daily average range of $2.78. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ADP.

One bullish candlestick pattern matches today's price action, the White Candle.

Automatic Data ran into sellers again today around 181.27 for the third trading day in a row after having found sellers at 180.99 in the prior session and at 180.85 two days ago.

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

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous two Highs" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Automatic Data. Out of 164 times, ADP closed higher 56.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.02% with an average market move of 0.61%.


Market Conditions for ADP as at Feb 14, 2020

Loading Market Conditions for ADP (Automatic Data Processing Inc.)...
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