Resistance

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Paychex’s stock price closed at $116.51 with a gain of 3.36% during the last intraday session.</a> </li> 
 <li> <span>2</span> <a>The rise came after the release of the Q1 earnings report.</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of Paychex is -0.11%.</a> </li> 
</ul> 
<p>The stock price of Paychex (PAYX) jumped 3.36% to $116.51 after the release of the Quarter 1 earning report on 27 September. The stock price entered a bullish trend during June, rising from the support level of $104. The bullish move led to the formation of an annual high at $128.77.&nbsp;</p> 
<p>PAYX stock faced strong rejection above $128, which induced negative sentiment in the market. After the rejection, the stock price entered a downtrend and fell to form recent support of $112.50.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh6.googleusercontent.com/ri04qbUfwxtxLpc9stKmAyFmGTNq9fgIQ3fEE2MJJnp5Pj1SbaaW5O6gXsv2LCOUSz5yi1k9uHRUELE5Qpedy3b6R0fjazkD02z0Emd2HldkNkoozYFtKGbY9DcM6na-OBk2sKkDuMxm2l_EQ2vRjPE" alt="Paychex (PAYX) Stock: Price Jumps 3.36% After Q1 Report Release&nbsp;">
  <figcaption class="wp-element-caption">
   Source: PAYX Stock Price By <a href="https://www.tradingview.com/x/gMd5E3Q8/">TradingView</a>.
  </figcaption>
 </figure>
</div> 
<p>If the bullish momentum continues, the stock price might reach the next resistance level of $122.80. This move would require PAYX stock to cross above the $120 psychological level. The bullish momentum is pretty strong after the earnings result.&nbsp;</p> 
<p>On the other hand, if bearish momentum kicks in, the stock price might retrace to form strong support at $115 before moving upwards.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-q1-fy2023-24-earnings-results-of-paychex-strong"><strong>Q1 FY2023-24 Earnings Results Of Paychex</strong></h2> 
<p>Over the last four quarters, the <a href="https://www.thecoinrepublic.com/2023/07/08/will-paychex-inc-payx-stock-price-break-the-200-ma-barrier/">payroll and human resource software provider</a> has surpassed consensus earning per share estimate three times. Psychex reported quarterly earnings of $1.14 per share, crushing the consensus estimates of $1.12 per share, an earning surprise of 1.79%. This compares to an earning per share of $1.03 in the prior year.&nbsp;</p> 
<p>Paychex reported a revenue of $1.29 Billion for the quarter ended August 2023, beating the consensus estimates by 0.12%. This compares to a year ago revenue of $1.21 Billion.&nbsp;</p> 
<p>For the upcoming quarter, the consensus has estimated earnings per share of $1.10 on revenue of $1.27 Billion. The consensus EPS estimate for the current fiscal year is $4.68 on revenue of $5.34 Billion.&nbsp;</p> 
<p>Chief Financial Officer, Efrain Rivera, who will retire in October, stated that the full-year revenue will likely be “toward the high end” of the 6%-7% growth range.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-will-payx-stock-price-retest-the-annual-high-strong"><strong>Will PAYX Stock Price Retest The Annual High?</strong>&nbsp;&nbsp;&nbsp;</h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh3.googleusercontent.com/KuwkYTcs_DeEorI0La9nRwzmgetG6swx46_F07rp7McbDsXVwdj-MgkdZ7lmkCsOJX0YN9UXgQqgs3M8jlBufRbnazodUre2ieoRPc6pcznQ0n7xCRmLJiArk2NVtEyybzlx39QSD8fMg95DuO0PErM" alt="Paychex (PAYX) Stock: Price Jumps 3.36% After Q1 Report Release&nbsp;">
  <figcaption class="wp-element-caption">
   Source: PAYX Stock Price By <a href="https://www.tradingview.com/x/qMBbKWJ6/">TradingView</a>.
  </figcaption>
 </figure>
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/07/08/will-paychex-inc-payx-stock-price-break-the-200-ma-barrier/">stock price</a> has surged above 200-day exponential moving averages but trades below 20, 50, and 100-day EMA, indicating a rise in bullish momentum. The Chaikin money flow still hovers below the 0 mark and currently stands at -0.24, suggesting intense weakness in the market.&nbsp;</p> 
<p>The relative strength index has escaped from the oversold zone and surged to 45.13, implying a solid increase in the participation of bulls in the market.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion&nbsp;</strong></h4> 
<p>Paychex’s reported quarter is more of the same for the company, with revenue and adjusted earnings per share rising compared to the prior year. Both were also better than the consensus had anticipated. The company also raised its earnings guidance for the year.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<p>Support Levels: $112.50 and $107.30</p> 
<p>Resistance Levels: $122.80 and $127.50</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Paychex (PAYX) Stock: Price Jumps 3.36% After Q1 Report Release

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Thecoinrepublic.com

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