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Possible Bearish Inside Day Candle Pattern Detected for Paycom Software (NYSE:PAYC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Paycom Software (NYSE:PAYC) based on the price action in the company's shares. Yesterday's price range of $207.46 and $223.97 is within the prior day'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 Paycom Software 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, shares of Paycom Software have traded between a low of $173.65 and a high of $342.00 and closed yesterday at $208.94, which is 20% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 2.8%.

Paycom Software, Inc. designs and develops software solutions. The Company provides data analytical software products to manage the employment life cycle from recruitment to retirement. Paycom Software serves customers in the United States.

Paycom Software (NYSE:PAYC) is currently priced 45.1% above its average consensus analyst price target of $114.79. Paycom Software shares should first meet resistance at the 200-day moving average (MA) of $246.88 and find additional resistance at the 50-day MA of $274.97.

SmarTrend is monitoring the recent change of momentum in Paycom Software. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Paycom Software in search of a potential trend change.

Keywords: bearish am inside day candle paycom software

Ticker(s): PAYC