Don't Ignore This Chart!

A Dark Cloud Forms Over Paychex


Paychex (PAYX) is having all kinds of problems breaking through resistance in the 41.7 area. A bearish engulfing is taking shape today and this is the third bearish candlestick reversal pattern in six weeks. The late May and early June lows mark support in the 40.2-40.4 area and a break below this level would argue for lower prices. Note that chartists can enter a symbol on the predefined scans page to find out if it made any of the scans.  

Click this image for a live chart

Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus