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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Paychex Inc (NASDAQ:PAYX) based on the price action in the company's shares. Yesterday's price range of $84.18 and $85.32 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. Traders and investors interested in shares of Paychex Inc 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, 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 $81.43, Paychex Inc is currently 21.0% above its average consensus analyst price target of $64.33. The stock should find initial resistance at its 200-day moving average (MA) of $84.80 and further resistance at its 50-day MA of $86.79.

In the past 52 weeks, Paychex Inc share prices have been bracketed by a low of $75.10 and a high of $90.54 and closed yesterday at $81.43, 8% 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 remained constant.

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: bullish am inside day candle paychex inc

Ticker(s): PAYX