Long entry 90.65 when rising narrowing wedge is no longer an issue
A candle wich has broken through bottom trendline of a bearish rising wedge. Average fall is 35% and pattern is valid when bottom trendline is broken. PAYX has been in several rising wedges since the bottom and has not slowed down much,, appears to be on a mission!
Possibility that this one will get a bit closer to long entry level..Long after fall from rising wedge is complete ..weekly candle is a shooting star.
support at 90.75ish
Rising narrowing wedges are usually bearish..they differ from a triangle in that both lines slope up and converge at an apex. You can usually see where price did not touch bottom trendling for an extended period (See - marks on chart meaning a "no touch") Rising wedges are formed by too much buying without healthy pull backs and interfer with supply and demand.
A chart can be an xray of supply and demand.
Price can break up and out of a rising wedge but it is not usually a long term thing. CRM broke up and out when inducted in to the DOW. As a rule, price struggles if it breaks up from a RW.
Not a recommendation/just an observation
I have owned this stock in the past and looking again as it lacks extreme volatility as a rule and pays a good dividend for my IRA. I have not purchased it again because it has been in and out of rising wedges since the bottom. But had I bought it at the bottom and just went with it, I would have some cash by now,,lol..oh well. I can not win them all! and
Looking through the rear view mirror is often easier than the view through the windshield (o:
A candle wich has broken through bottom trendline of a bearish rising wedge. Average fall is 35% and pattern is valid when bottom trendline is broken. PAYX has been in several rising wedges since the bottom and has not slowed down much,, appears to be on a mission!
Possibility that this one will get a bit closer to long entry level..Long after fall from rising wedge is complete ..weekly candle is a shooting star.
support at 90.75ish
Rising narrowing wedges are usually bearish..they differ from a triangle in that both lines slope up and converge at an apex. You can usually see where price did not touch bottom trendling for an extended period (See - marks on chart meaning a "no touch") Rising wedges are formed by too much buying without healthy pull backs and interfer with supply and demand.
A chart can be an xray of supply and demand.
Price can break up and out of a rising wedge but it is not usually a long term thing. CRM broke up and out when inducted in to the DOW. As a rule, price struggles if it breaks up from a RW.
Not a recommendation/just an observation
I have owned this stock in the past and looking again as it lacks extreme volatility as a rule and pays a good dividend for my IRA. I have not purchased it again because it has been in and out of rising wedges since the bottom. But had I bought it at the bottom and just went with it, I would have some cash by now,,lol..oh well. I can not win them all! and
Looking through the rear view mirror is often easier than the view through the windshield (o: