we retraced perfectly to the .236
that confirms that are swing high is in and now we can fib from the (C) to the PCZ (D) to get our three targets for the short
the pattern is invalidated if we break bakkt above the (D) entry
IT REALLY DOES LOOK LIKE A CORRECTION IS ON THE WAY, STOCK IS RUNNING ON FRESH AIR NOT GAS.
AVERAGE ANALYSTS PRICE TARGET $80.29
AVERAGE ANALYSTS RECOMMENDATION HOLD
P/E RATIO 29.75
COMPANY PROFILE
Paychex, Inc. engages in the provision of human capital management solutions for payroll, human resource, insurance, and retirement for small and medium sized...
This is one of the few equities holding up this month, maintaining 20/50/100/200 day support, but also having completed a back test of the breakout zone and ready to move up once more.
Paychex Inc. has begun a sideways pattern after a strong move out of the bottom formation of early January. The sideways pattern provides support for the next trend upward.
PAYX had a strong earnings report and continues to climb upward slowly making new all-time highs. The completed double, aka W, bottom is a short-term bottom formation that provides moderate to strong support if more profit-taking occurs.
As prices move higher, it is currently supported by the trendline and 150MA and buying momentum is still in play especially with bullish pinbars as confirmation.
Expecting move moves upside with various levels of resistance. Capture the small moves and take profits off the table when there's signs of reversal.
As usual, only use Stop orders above yesterday's...
The price is below to 30MM, and we can see there is a marked resistant in the top of the curve. The slope of 30MM is positive, so maybe the price bounce this week.
Nice well defined horizontal support here, if price manage to break and stay above 71$ tomorrow with voleme above average, ill be long here.
stop will depend on the breakout candle.
Buy July $65 put options today, before the earnings tomorrow.
It can go down to $60-$63.
Buying put option instead of shorting the stock limits the risk.
Good luck to everyone.
Was on earnings watch, now just on breakdown watch. Hella steam to the up-side, but compared to the volatility it sees on the downside after being overbought is just, wow. Wana give this one a little time - just because I think the move down could be more significant once touching that 789WMA. OTM puts with some time could easily be a lotto play. Break of 3yr WMA...
![PAYX: [PAYX] phase 4](https://s3.tradingview.com/i/Im89szym_mid.png "[PAYX] phase 4")
