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

By David Diaz

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. Today's price range of $64.39 and $64.93 is within yesterday'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.

In the past 52 weeks, shares of Paychex Inc have traded between a low of $52.78 and a high of $73.10 and are now at $64.69, which is 23% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

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.

Paychex Inc (NASDAQ:PAYX) is currently priced 0.6% above its average consensus analyst price target of $64.33. The stock should discover initial support at its 50-day moving average (MA) of $52.96 and subsequent support at its 200-day MA of $50.28.

SmarTrend is monitoring the recent change of momentum in Paychex Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Paychex Inc in search of a potential trend change.

Keywords: bearish inside day candle paychex inc

Ticker(s): PAYX