When we reviewed the charts of Paychex (PAYX) on Oct. 5 we wrote that "Hold longs, but raise stops to $106 from $102. We should reach our $125 target early in the fourth quarter." Let's check in again and see how the rally is progressing.
In the updated daily bar chart of PAYX, below, we can see that the shares have continued higher since our last check. PAYX is trading above the 50-day average line and its slope is positive again. The 200-day line is bullish and intersects down around $103.
The On-Balance-Volume (OBV) line has been firm the past 12 months and is close to making a new and bullish new high. The Moving Average Convergence Divergence (MACD) oscillator is bullish and pointed up telling us that the "trend strength" is positive.