How do we know what is going on behind the scenes of a company? According to Stock Traders Daily, a 20-year industry innovator, the best way to do this to to watch the price action in the stock. The Paychex (NASDAQ: PAYX) report below is a real world example. Included are trading plans for PAYX, but this report is static. If you want an update, or a different stock, please get one here Unlimited Real Time Reports .
Technical Summary
Term ? | Near | Mid | Long |
---|---|---|---|
Bias | Weak | Neutral | Strong |
P1 | 0 | 0 | 92.85 |
P2 | 95.08 | 97.09 | 97.92 |
P3 | 98.43 | 100.53 | 103.40 |
Long Term Trading Plans for PAYX
April 6, 2021, 6:30 pm ET
The Technical Summary and Trading Plans for PAYX help you determine where to buy, sell, and set risk controls. The data is best used in conjunction with our Market Analysis and Stock Correlation Filters too, because those help us go with the flow of the market as well. Going with the flow is extremely important, so review our Market Analysis with this PAYX Report.
PAYX - (Long) Support Plan
The technical summary data tells us to buy PAYX near 92.85 with an upside target of 97.92. This data also tells us to set a stop loss @ 92.58 to protect against excessive loss in case the stock begins to move against the trade. 92.85 is the first level of support below 95.42 , and by rule, any test of support is a buy signal. In this case, support 92.85 would be being tested, so a buy signal would exist.
PAYX - (Short) Resistance Plan
The technical summary data is suggesting a short of PAYX as it gets near 97.92 with a downside target of 92.85. We should have a stop loss in place at 98.2though. 97.92 is the first level of resistance above 95.42, and by rule, any test of resistance is a short signal. In this case, if resistance 97.92 is being tested, so a short signal would exist.