• Return to Headlines

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 $82.26 and $82.26 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.

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 21.8% above its average consensus analyst price target of $64.33. Paychex Inc shares have support at the 50-day moving average (MA) of $77.74 and additional support at the 200-day MA of $71.61.

Paychex Inc share prices have moved between a 52-week high of $82.48 and a 52-week low of $59.55 and are now trading 38% above that low price at $82.26 per share. The 200-day and 50-day moving averages have moved 0.28% higher and 0.83% higher over the past week, respectively.

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

Keywords: bearish inside day candle paychex inc

Ticker(s): PAYX