Stock Chart of the Week - 9/26/22 to 9/30/22
This week's stock chart of the week has multiple elements working in its favor. $ADP (Automatic Data Processing) is finding support on the daily timeframe within the weekly 21/34 EMAs that have acted as support previously. This comes in confluence with a 50% pullback.
Zooming into the daily, we can see price has almost entirely retested to that symmetrical triangle breakout. If price is able to hold last weeks low, this could turn out to break that steep downtrend line. Of course, this will likely depend on the performance of the market this upcoming week. The great thing about this play is there is a very tight stop. If it continues to fall, we have some other points of interest closer to a real retest for potential re-entry.
Lastly, check out the seasonality for $ADP. Next month is its best performing month over the last 29 years. 79% of Octobers are positive with a median change of +4.98%.
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