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Downtrend Broken Resist.Archive
- 5/10/2024 -
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Paychex Inc. (PAYX) Technical Analysis
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| Summary:
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| | It was a third consecutive positive week for the Paychex Inc. (PAYX). During the week, the PAYX gained 2.45 points, or 2.04%, and closed at 122.55 on Friday, May 10, 2024. It was the best weekly gain since December 15, 2023. Weekly volume was -44% below average.
 Long-term trend: [See PAYX long-term trend chart]
A long-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 108.94 and resistance is at 129.62. 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 long-term trend.
 Medium-term trend: [See PAYX medium-term trend chart]
A medium-term downtrend had started on December 20, 2023 at 129.66 and reached 114.72 on April 2, 2024. PAYX lost 14.94 points, or 11.52%, in 14 weeks. The price is now at the 52.41% retracement level.
 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 and getting smaller. It indicates that the current medium-term downtrend is getting weak. 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 117.15 on May 2, 2024. PAYX lost 9.56 points, or 7.54%, in 23 days. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (116.80) is broken. A broken support is considered to be a long-term bullish signal. 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 short-term trend.
Daily Technical Indicators: [See PAYX daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
A Parabolic SAR (stop and reversal) indicator (122.7) comes close to the price (122.55). It indicates that the trend is getting weaker. 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.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. 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.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. 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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