Sunday, December 16, 2007

ADP Analysis for 12.16.2007

Automatic Data Processing Inc. - ADP

Monthly chart shows that the move up off the March 2003 low to be corrective in pattern.

The weekly chart shows a smaller abc 3 wave pattern. Price is currently below all key moving averages. Last week's price action indicates increasing selling pressure. No buy signal or pattern in sight off this timeframe.

Daily chart shows a kicker signal pattern in place. Bears gapped down Friday's open in their haste to get out of the stock. While bulls made a weak attempt to take it higher, they were soon overcome by the bears who took the price to close lower. The kicker signal is a warning of an important shift in investor sentiment. Look for follow through next week to the downside.

No comments: