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

By Amy Schwartz

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 $89.44 and $89.75 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.

Over the past year, Automatic Data Processing has traded in a range of $64.29 to $96.00 and is now at $89.65, 39% above that low. The 200-day and 50-day moving averages have moved 0.14% higher and 0.25% higher over the past week, respectively.

Automatic Data Processing (NASDAQ:ADP) is currently priced 2.7% above its average consensus analyst price target of $87.23. The stock should discover initial support at its 50-day moving average (MA) of $88.47 and subsequent support at its 200-day MA of $84.25.

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

Keywords: bullish inside day candle Automatic Data processing

Ticker(s): ADP