ADP pushes through 100-day moving average


Automatic Data Processing (ADP) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
ADP closes above its opening price after recovering from early selling pressure
ADP pushes through 100-day moving average
ADP unable to break through key resistance level
ADP closes higher for the 2nd day in a row
ADP pushes through previous session high
TQ Sentiment
Report Sentiment: 37% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, ADP finished Monday at 116.91 gaining $1.64 (1.42%). Today's closing price of 116.91 marks the highest close since April 5th. Trading up to $0.64 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 116.20, the share confirms its breakout through the prior session's high having traded $1.30 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ADP
Volatility

Monday's trading range was $1.70 (1.46%), that's below last trading month's daily average range of $2.64. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 117.22, the stock closed below it after spiking as high as 117.50 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

ADP shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 100-day moving average at 115.56 today for the first time since April 10th.

Order Flow

Selling might speed up should prices move below the nearby swing low at 114.48 where further sell stops could get activated. Trading close to February's high at 121.92 we might see further upside momentum if potential buy stops at the level get triggered.

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
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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