Paycom Software (NYSE: PAYC) stock trades inside the falling channel and forms lower highs sequences. Recently, the stock has shown its intent to flip the ongoing trend and escape the crucial range of $310 above the 200-day EMA. This surge shows that bulls retain the shape and charge their muscles above the channel highs.
Furthermore, a double bottom pattern was noted near the support zone, and the stock showed a rebound, gaining momentum. The price action shows buyers are now actively making long positions and trying to smash above the immediate hurdle of $325, followed by $340.
Paycom Software Inc. provides a cloud-based human capital management (HCM) software solution delivered as Software-as-a-Service (SaaS). The company provides functionality and data analytics businesses need to manage the complete employment life cycle from recruitment to retirement.
The company’s applications streamline client processes and provide clients and their employees with the ability to directly access and manage administrative processes, including applications that identify candidates, onboard employees, manage time and labor, administer payroll deductions and benefits, manage performance, terminate employees and administer post-termination health benefits, such as COBRA.
At press time, PAYC stock was trading at $321.78 with an intraday gain of 2.78% escaping above the 200-day EMA, showing bullishness on the charts. Moreover, the intraday trading volume also showed a surge of 4.54% with 461.317K showing buyers’ interest. The market cap of PAYC stock is 19.368 Billion.
Daily Charts Show Falling Channel Pattern
On the daily charts, PAYC stock showed a falling channel pattern, and the price is near the upper neckline above the 200-day EMA, showing strength on the charts. Recently, the stock bounced back from the channel lows and broke above the hurdle of $310, gaining fresh momentum.
PAYC stock is now trading near the upper bollinger band and above the 38.2% Fib level but below the 50% level, near $330. Furthermore, the chart shows buyers are gaining traction and preparing for a decisive move above the neckline of $325.
Short-Term Charts Shows Buyers’ Dominance
On the 4-hour charts, PAYC stock is on the verge of a most awaited breakout, which registers when the price trades above $326. However, buyers are accumulating the stock by defending it from the support of $300.
The RSI curve floating near 65 showed a jump from the neutral zone indicating buyers’ presence in the last trading sessions.
The MACD indicator shows a bullish crossover and initiates fresh green bars on the histogram, suggesting the bullishness of the stock.
Conclusion:
PAYC stock showed a fresh bounce from its lower trendline, and gaining strength above the 200-day EMA showed buyers’ dominance.
Technical Levels:
Support Levels: $310
Resistance Levels: $330 and $360
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/01/paycom-software-stock-payc-holds-strength-above-200-day-ema/