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Possible Bearish Inside Day Candle Pattern Detected for Paycom Software (NYSE:PAYC)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Paycom Software (NYSE:PAYC) based on the price action in the company's shares. Yesterday's price range of $189.49 and $190.29 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 Paycom Software may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Paycom Software (NYSE:PAYC) defies analysts with a current price ($190.16) 39.6% above its average consensus price target of $114.79. The stock should find initial support at its 50-day moving average (MA) of $180.75 and further support at its 200-day MA of $143.57.

Paycom Software, Inc. designs and develops software solutions. The Company provides data analytical software products to manage the employment life cycle from recruitment to retirement. Paycom Software serves customers in the United States.

Over the past year, Paycom Software has traded in a range of $96.44 to $193.75 and closed yesterday at $190.16, 97% above that low. The 200-day and 50-day moving averages have moved 0.94% higher and 1.38% higher over the past week, respectively.

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

Keywords: bearish am inside day candle paycom software

Ticker(s): PAYC