• Return to Headlines

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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Paychex Inc (NASDAQ:PAYX) based on the price action in the company's shares. Today's price range of $69.01 and $69.69 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. Owners of Paychex Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Paychex Inc share prices have been bracketed by a low of $47.87 and a high of $90.54 and are now at $67.68, 41% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.7%.

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.

Based on a current price of $67.68, Paychex Inc is currently 5.0% above its average consensus analyst price target of $64.33. The stock should run into initial resistance at its 50-day moving average (MA) of $69.30 and subsequent resistance at its 200-day MA of $80.66.

SmarTrend is tracking the current trend status for Paychex Inc and will alert subscribers who have PAYX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle paychex inc

Ticker(s): PAYX