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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Automatic Data Processing (NASDAQ:ADP) based on the price action in the company's shares. Today's price range of $87.48 and $87.78 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. Traders and investors interested in shares of Automatic Data Processing may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Automatic Data Processing, Inc. is a global provider of business outsourcing solutions. The Company's services include a wide range of human reource, 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 $87.49, Automatic Data Processing is currently 0.3% above its average consensus analyst price target of $87.23. Automatic Data Processing shares should encounter resistance at the 50-day moving average (MA) of $88.47 and support at its 200-day MA of $84.25.

In the past 52 weeks, Automatic Data Processing share prices have been bracketed by a low of $64.29 and a high of $96.00 and are now at $87.49, 36% above that low price. The 200-day and 50-day moving averages have moved 0.14% higher and 0.25% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Automatic Data Processing on July 29th, 2016 by issuing a Downtrend alert when the shares were trading at $90.15. Since that call, shares of Automatic Data Processing have fallen 3.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Automatic Data processing

Ticker(s): ADP