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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Paychex (NASDAQ:PAYX) based on the price action in the company's shares. Today's price range of $52.34 and $52.84 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Paychex (NASDAQ:PAYX) is currently priced 9.8% above its average consensus analyst price target of $47.25. The stock should find resistance at its 50-day moving average (MA) of $52.96, as well as support at its 200-day MA of $50.28.

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.

In the past 52 weeks, Paychex share prices have been bracketed by a low of $41.59 and a high of $54.78 and are now at $52.36, 26% above that low price. The 200-day and 50-day moving averages have moved 0.18% higher and 0.09% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Paychex on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $50.40. Since that recommendation, shares of Paychex have risen 4.9%. We continue to monitor PAYX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle paychex

Ticker(s): PAYX