In the last month, Paycom Software (PAYC) has soared up the rankings in the SIA S&P 500 Index Report, moving up 200 places and rising from the red zone to the Green Favored Zone. On Friday, PAYC returned to the Green Zone for the first time since July after jumping 59 spots to 79th place.
Shares of Paycom Software (PAYC) have caught fire lately, rallying for six straight days in a surge upward from near $270 to close above $320 on Friday, regaining $300 and snapping a downtrend line along the way. Next potential resistance appears at the previous peak near $342, where a breakout would confirm the start of a new uptrend. Should that occur, next upside resistance tests after that appears near the $350 and $400 round numbers, plus $360, $410 and $420 based on measured moves from the current sideways range. Initial support appears in the $300-$310 area.
Paycom Software (PAYC) shares spent the summer consolidating gains from an initial run up off their April low. In the last few days, they have come under renewed accumulation, calling off a previous double bottom and completing a bullish Double Top, then a bullish Spread Double Top. Currently the shares are approaching resistance in the $337 to $344 area near the previous peak.
A breakout to a new high would signal the start of a new advance with next potential resistance tests near $357, $380 and $402, all based on horizontal counts, plus the $400 round number. Initial support appears near $311 based on a 3-box reversal.
With a perfect SMAX score of 10, PAYC is exhibiting near-term strength across the asset classes.
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