Bears Appeared on Paychex

payx New York, October 10th (TradersHuddle.com) - Shares of Paychex, Inc. (NASDAQ:PAYX) ended the trading session lower by $0.33 or -0.98% from its previous close. Paychex's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Paychex, Inc. (NASDAQ:PAYX) provides comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States.

Paychex's current stock range is determined by calculated support defined at $32.65 and by the resistance level at $33.40, which should be used by traders planning their next move.

If traders want to establish a position in Paychex, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Paychex for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:

Technical Scans

Stock Market

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o Dow Jones 17,685.73 ▼60.25 (-0.34%)
o S&P 500 2,104.24 ▼4.39 (-0.21%)
o NASDAQ 5,127.37 ▼1.41 (-0.03%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,685.73 Trade time:3:23PM EDT Value change:▼60.25 (-0.34%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,104.24 Trade time:3:23PM EDT Value change:▼4.39 (-0.21%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:5,127.37 Trade time:3:23PM EDT Value change:▼1.41 (-0.03%)

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