Automatic Data Processing (ADP) was reviewed at the beginning of the month when a correction was underway. I wrote that "We have a number of technical signals that suggest that prices can retreat to the $125-$120 area or lower. Buyers should stand aside and let ADP find new support and fresh accumulation. Another trade from the long side could develop in the months ahead."
ADP made a quick "V" reversal and has climbed to new highs - so much for the correction. Let's check the charts again and see if there is more on the upside.
In this daily bar chart of ADP, below, we can see that prices quickly reversed back of the rising 50-day moving average line. ADP is still well above the rising 200-day moving average line.
The sustained upward movement in the On-Balance-Volume (OBV) line is interesting to note as the line hardly declined in late July and early August as prices fell $10 in a few sessions.
The trend-following Moving Average Convergence Divergence (MACD) oscillator dipped to the zero line and has turned up to a fresh go long signal.

In this weekly bar chart of ADP, below, we can see that prices are above the rising 40-week moving average line and that line has acted as support for nearly three years.
The weekly OBV line is pointed up and bullish. The MACD oscillator on this longer time frame is also bullish.
In this Point and Figure chart of ADP, below, we can see a breakout at $142.18 and an upside price target of $171.30.

Bottom line strategy: ADP has broken out to a new high and appears to be headed still higher. Traders could add to longs or get back in on a slight dip towards $142, risking below $135, looking for gains to the $170-$175 area.