Paychex Stock Forecast
Paychex stock upgraded to Hold/Accumulate.
(Updated on Apr 19, 2024)
The Paychex stock price gained 1.47% on the last trading day (Friday, 19th Apr 2024), rising from $117.79 to $119.52. During the last trading day the stock fluctuated 1.75% from a day low at $117.79 to a day high of $119.85. The price has fallen in 7 of the last 10 days and is down by -2.34% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 345 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $315.26 million.
The stock is at the lower part of a horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $117.78 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Paychex stock with a 90% probability to be traded between $117.07 and $125.74 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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PAYX Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 1.47%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Paychex stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $121.04 and $121.57. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Paychex stock
Paychex finds support from accumulated volume at $119.14 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.06 between high and low, or 1.75%. For the last week the stock has had daily average volatility of 1.79%.
Our recommended stop-loss: $112.90 (-5.54%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (PAYX) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Paychex to open at $119.05, and during the day (based on 14 day Average True Range), to move between $117.20 and $121.84, which gives a possible trading interval of +/-$2.32 (+/-1.94%) up or down from last closing price. If Paychex takes out the full calculated possible swing range there will be an estimated 3.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $119.14 (0.32%) than the resistance at $120.28 (0.64%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Paychex stock A Buy?
Paychex holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Hold/Accumulate candidate.
Current score: -0.232 Hold/Accumulate Upgraded
Predicted Opening Price for Paychex of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $119.05 ( 0.390%) | $119.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PAYX
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 121.11 | 1.33 % | |
| R2 | 120.33 | 0.675 % | ||
| R1 | 119.84 | 0.268 % | ||
| Current price: | 119.52 | |||
| Support | S1 | 118.27 | -1.05 % | |
| S2 | 117.78 | -1.46 % | ||
| S3 | 116.99 | -2.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 122.10 | 2.16 % | |
| R2 | 122.08 | 2.14 % | ||
| R1 | 120.28 | 0.636 % | ||
| Current price | 119.52 | |||
| Support | S1 | 119.14 | -0.318% | |
| S2 | 118.96 | -0.469% | ||
| S3 | 117.79 | -1.45% |
PAYX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 18, 2024 | Feb 12, 2024 | Feb 27, 2024 | $0.89 | 0.724% |
| 2 | Oct 12, 2023 | Nov 13, 2023 | Nov 28, 2023 | $0.89 | 0.744% |
| 3 | Jul 13, 2023 | Aug 09, 2023 | Aug 24, 2023 | $0.89 | 0.737% |
| 4 | Apr 28, 2023 | May 10, 2023 | May 25, 2023 | $0.89 | 0.82% |
| 5 | Jan 20, 2023 | Feb 08, 2023 | May 25, 2023 | $0.790 | 0.732% |
FAQ
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