PAYX climbs to highest close since March 22nd


Paychex Inc. (PAYX) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
PAYX pushes through key resistance level
PAYX pushes through 200-day moving average
PAYX pushes through previous session high
PAYX rises to highest close since March 22nd
PAYX still stuck within tight trading range
TQ Sentiment
Report Sentiment: 42% Bullish
Technical Forecast:
Overview

PAYX finished Monday at 62.24 gaining $0.75 (1.22%). Today's closing price of 62.24 marks the highest close since March 22nd. Closing above Friday's high at 62.18, the market confirms its breakout through the previous session's high having traded $0.30 above it intraday.

Daily chart for PAYX
Volatility

Monday's trading range was $0.55 (0.89%), that's far below last trading month's daily average range of $1.49. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 61.11 and 62.49 which it has been in now for the last trading week.

Support/Resistance

Breaking through the key resistance level at 62.15 today, it is now likely to act as support going forward.

Trend

Although the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. Paychex Inc. managed to break above the 200-day moving average at 62.19 today for the first time since April 5th.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 62.49 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 61.26 where further sell stops might get activated. With prices trading close to this year's low at 59.36, downside momentum could accelerate should the share break out to new lows for the year.

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 Paychex Inc.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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