The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Paychex Inc. (PAYX) Technical Analysis

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Summary:
Weekly :Overbought sectorWeekly  MACD line has moved below its signal lineBroken trend resistance linePrice is near the Fibonacci 38.2% retracement level
Daily :The price has risen above the Parabolic SAR
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It was the negative week for the Paychex Inc. (PAYX). During the week, the PAYX gave back -0.54 points, or -0.45%, and closed at 120.28 on Friday, March 15, 2024. Weekly volume was 24% 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 (57.68) 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 November 1, 2023 at 106.27 and reached 129.66 on December 20, 2023. PAYX gained -23.39 points, or -22.01%, in 7 weeks. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Weekly Technical Indicators: [See PAYX weekly technical indicators chart]
Weekly technical indicators are neutral.

During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. 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 February 23, 2024 at 125.26 and reached 119.61 on March 6, 2024. PAYX lost 5.65 points, or 4.51%, in 12 days. The price is now at the 11.86% retracement level.

Daily Technical Indicators: [See PAYX daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since February 27, 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 33.19
Williams' Percentage Range (W%R) 69.60
Lane's Stochastic (%D-Slow) 43.80
Greed/Fear Indicator (GFI) 35.81
Moving Average Converg./Diverg. (MACD) -0.06
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 42.52
Williams' Percentage Range (W%R) 35.60
Lane's Stochastic (%D-Slow) 53.48
Greed/Fear Indicator (GFI) 53.57
Moving Average Converg./Diverg. (MACD) 1.35
Trading Signals
Description Value Chart
Upper Bollinger Band 124.53
Weekly Stochastic Crossing 122.61
20 Day Moving Average 122.39
50 Day Moving Average 121.56
Daily Stochastic Crossing 121.25
Price 120.28
Parabolic System 119.69
Lower Bollinger Band 119.20
Yearly Trendline Resistance 114.14
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Data Processing & Outsourced Services 73
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 125.26
High Date 02/23/2024
Low 119.61
Low Date 03/06/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 116.77
Low Date 01/03/2024
High 125.26
High Date 02/23/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 106.27
Low Date 11/01/2023
High 129.66
High Date 12/20/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 104.09
Low Date 05/31/2023
High 129.70
High Date 07/27/2023
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 114.14
Support 57.68
Low 20.31
Low Date 03/03/2009
High 141.92
High Date 04/05/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.