Uncovering Noteworthy Technical Analysis Findings for PAYCHEX INC (NASDAQ:PAYX).

Our stockscreener has identified a possible breakout setup on PAYCHEX INC (NASDAQ:PAYX). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:PAYX for potential opportunities.

Technical analysis of NASDAQ:PAYX

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, PAYX scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, PAYX is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, PAYX did better than 84% of all other stocks. On top of that, PAYX also shows a nice and consistent pattern of rising prices.
• PAYX is part of the Professional Services industry. There are 81 other stocks in this industry. PAYX outperforms 86% of them.
• A new 52 week high is currently being made by PAYX, which is a very good signal! Especially since the S&P500 is only trading in the upper part of its 52 week range, so PAYX is leading the market.
• In the last month PAYX has a been trading in a tight range between 144.07 and 151.86.

For an up to date full technical analysis you can check the technical report of PAYX

How does the Setup look for NASDAQ:PAYX

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:PAYX is 9:

PAYX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 151.01. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 149.87, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NASDAQ:PAYX

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.