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Possible Bearish Inside Day Candle Pattern Detected for Automatic Data (NASDAQ:ADP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Automatic Data (NASDAQ:ADP) based on the price action in the company's shares. Yesterday's price range of $145.71 and $148.13 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Automatic Data may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Automatic Data Processing, Inc. is a global provider of business outsourcing solutions. The Company's services include a wide range of human resource, payroll, tax, and benefits administration solutions. Automatic Data also provides solutions to auto, truck, motorcycle, marine, and recreational vehicle dealers.

Automatic Data (NASDAQ:ADP) is currently priced 12.8% above its average consensus analyst price target of $127.23. Automatic Data shares have support at the 50-day moving average (MA) of $144.81 and additional support at the 200-day MA of $133.37.

Over the past year, Automatic Data has traded in a range of $107.61 to $153.51 and closed yesterday at $145.85, 36% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for Automatic Data and will alert subscribers who have ADP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle automatic data

Ticker(s): ADP