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Archive
- 4/5/2024 -
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Paychex Inc. (PAYX) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was the negative week for the Paychex Inc. (PAYX). During the week, the PAYX gave back -0.42 points, or -0.34%, and closed at 122.38 on Friday, April 5, 2024. Weekly volume was 53% above average.
PAYX is a member of Information Technology Sector. Information Technology is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See PAYX long-term trend chart]
A long-term uptrend had started on March 3, 2009 at 20.31 and reached 141.92 on April 5, 2022. PAYX gained -121.61 points, or -598.77%, in 683 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (57.82) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See PAYX medium-term trend chart]
A medium-term downtrend had started on February 23, 2024 at 125.26 and reached 114.72 on April 2, 2024. PAYX lost 10.54 points, or 8.41%, in 5 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The price is near the trend resistance line (122.85). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See PAYX weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since March 8, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term downtrend is getting stronger. Use the following link to access a MACD help.
 Short-term trend: [See PAYX short-term trend chart]
A short-term uptrend had started on April 2, 2024 at 114.72 and reached 122.40 on April 5, 2024. PAYX gained -7.68 points, or -6.69%, in 3 days. Price is near the trend high.
Daily Technical Indicators: [See PAYX daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since April 4, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
The distance between the Bollinger Bands is falling, and it was 3.6% on Friday. It is 52.95% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
Price is close to the 50 Day Moving Average. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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