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Possible Bullish Inside Day Candle Pattern Detected for Paychex (NASDAQ:PAYX)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Paychex (NASDAQ:PAYX) based on the price action in the company's shares. Today's price range of $57.95 and $58.15 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 Paychex may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Paychex (NASDAQ:PAYX) has potential upside of 2.6% based on a current price of $58.01 and analysts' consensus price target of $59.50. The stock should discover initial support at its 50-day moving average (MA) of $52.96 and subsequent support at its 200-day MA of $50.28.

Paychex, Inc. provides comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States. The Company's services range from calculating payroll and filing tax payments to administering retirement plans and workers' compensation.

Paychex share prices have moved between a 52-week high of $63.03 and a 52-week low of $41.59 and are now trading 39% above that low price at $58.01 per share. The 200-day and 50-day moving averages have moved 0.18% higher and 0.09% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Paychex on March 29th, 2017 by issuing a Downtrend alert when the shares were trading at $59.79. Since that call, shares of Paychex have fallen 3.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle paychex

Ticker(s): PAYX