PAYX dominated by bears dragging the market lower throughout the day
Paychex Inc. (PAYX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
PAYX finished the week 0.46% higher at 74.38 after losing $0.26 (-0.35%) today. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (PAYX as at Sep 14, 2018):
Friday's trading range was $0.54 (0.72%), that's below last trading month's daily average range of $0.88. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Even with a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to the key resistance level at 74.74. After having been unable to move lower than 74.38 in the previous session, the stock found buyers again around the same price level today at 74.29.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 74.92 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 73.73 where further sell stops might get triggered.