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Uptrend ExhaustionArchive
- 4/26/2024 -
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Paychex Inc. (PAYX) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was a first positive week for the Paychex Inc. (PAYX). During the week, the PAYX climbed 0.45 points, or 0.38%, and closed at 119.97 on Friday, April 26, 2024. Weekly volume was -10% below average.
 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 (57.97) 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 uptrend had started on May 31, 2023 at 104.09 and reached 129.70 on July 27, 2023. PAYX gained -25.61 points, or -24.60%, in 8 weeks. The chart has formed a Ascending Triangle chart pattern. The trend support level is at 108.74 and resistance is at 129.63. An Ascending Triangle is a variation of triangle formation that has a flat resistance line and rising support line. The higher lows indicate an increasing demand and give the ascending triangle definitive bullish bias. An Ascending Triangle usually represents an accumulation stage in bullish market. An Ascending Triangle is considered to be a continuation pattern, especially in an uptrend, but it may also mark a reversal in a downtrend. Use the following link to access a Ascending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Ascending Triangle pattern 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. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.
 Short-term trend: [See PAYX short-term trend chart]
A short-term downtrend had started on April 9, 2024 at 126.71 and reached 117.74 on April 18, 2024. PAYX lost 8.97 points, or 7.08%, in 9 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Daily Technical Indicators: [See PAYX daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The daily MACD line is below its signal line since April 15, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
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.
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