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Possible Bearish Inside Day Candle Pattern Detected for Paychex Inc (NASDAQ:PAYX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Paychex Inc (NASDAQ:PAYX) based on the price action in the company's shares. Yesterday's price range of $69.84 and $70.61 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 Paychex Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Paychex Inc (NASDAQ:PAYX) is currently priced 8.0% above its average consensus analyst price target of $64.33. The stock should find initial support at its 50-day moving average (MA) of $69.14 and further support at its 200-day MA of $67.69.

Paychex Inc share prices have moved between a 52-week high of $76.02 and a 52-week low of $59.36 and closed yesterday at 18% above that low price at $69.92 per share. The 200-day and 50-day moving averages have moved 0.14% higher and 0.54% lower over the past week, respectively.

Paychex, Inc. provides comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small to medium-sized businesses in the United States. The Company's services range from calculating payroll and filing tax payments to administering retirement plans and workers' compensation.

SmarTrend recommended that subscribers consider buying shares of Paychex Inc on November 7th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $68.01. Since that recommendation, shares of Paychex Inc have risen 4.2%. We continue to monitor PAYX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle paychex inc

Ticker(s): PAYX