PAYX dominated by bears dragging the market lower throughout the day

Paychex Inc. (PAYX) Technical Analysis Report for Sep 14, 2018

Highlights

PAYX dominated by bears dragging the market lower throughout the day
PAYX ends the day on a bearish note closing near the low of the day
PAYX finds buyers again around 74.29

TQ Sentiment

Report Sentiment: 62% Bearish
Technical Forecast:

Overview

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 chart for PAYX

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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

Order Flow

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.

Conclusion

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

Market Conditions for Paychex Inc.

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