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Possible Bullish Inside Day Candle Pattern Detected for Automatic Data (NASDAQ:ADP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Automatic Data (NASDAQ:ADP) based on the price action in the company's shares. Yesterday's price range of $168.36 and $169.03 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. Traders and investors interested in shares of Automatic Data may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Automatic Data has traded in a range of $129.06 to $174.50 and closed yesterday at $169.71, 31% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

Automatic Data (NASDAQ:ADP) is currently priced 25.0% above its average consensus analyst price target of $127.23. The stock should discover initial support at its 50-day moving average (MA) of $167.76 and subsequent support at its 200-day MA of $164.41.

Automatic Data Processing, Inc. is a global provider of business outsourcing solutions. The Company's services include a wide range of human resource, payroll, tax, and benefits administration solutions. Automatic Data also provides solutions to auto, truck, motorcycle, marine, and recreational vehicle dealers.

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

Keywords: bullish am inside day candle automatic data

Ticker(s): ADP