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

By Amy Schwartz

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 $169.78 and $170.94 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 $121.40 to $174.50 and closed yesterday at $170.20, 40% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.4%.

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.

Based on a current price of $170.20, Automatic Data is currently 25.2% above its average consensus analyst price target of $127.23. The stock should find initial support at its 50-day moving average (MA) of $162.83 and further support at its 200-day MA of $161.95.

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