After Yesterday's Rally of 1.10% Shares Could Potentially Pullback
Paychex (NASDAQ:PAYX) traded in a range yesterday that spanned from a low of $58.77 to a high of $59.32. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $59.11 on volume of 532,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Paychex has traded in a range of $41.59 to $61.87 and is now at $59.09, 42% 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 remained constant.
SmarTrend is tracking the current trend status for Paychex and will alert subscribers who have PAYX in their portfolio or watchlist when shares have changed trend direction.
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