Bearish DailyPlay for Thursday August 24th, 2017 – Paychex (PAYX)
The bearish DailyPlay we chose for Thursday August 24th is Paychex (PAYX). PAYX is part of the Technology Sector (XLK). Over the last month, XLK has experienced a 0.45% move lower and its 1m and 6m trend remains bullish but momentum has deteriorated and completed a triple top.
Paychex’s 1m and 6m trends turned bearish on 8/1 and just bounced lower off its $56.50 resistance level. With a technical score of 5 (out of 10), PAYX is a strong bearish stock that is likely to continue lower.
As a stop loss, if PAYX was to trade above $56.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.