ADP: Breakout Brewing
Gary S. Morrow | Feb 18, 2021 03:28PM ET
Shares of Automatic Data Processing (NASDAQ:ADP) are in breakout mode today. The stock is up more than 2.5% and is heading for its best February close. This powerful move has driven the stock past a key overhead trendline that links the multi-week December and January highs. ADP is well below overbought levels and is setting up well for a retest of the 2020 peak.
Since ADP earnings report on Jan. 27 the stock has been trading inside that day’s range. A clear move past the 1/27 high ($172.90) could spark a fresh rally leg. On the downside, a close back below $164.00 would violate last week’s low sending a clear warning sign.
Note: We have no position.
You can read Gary S. Morrow's original post here .
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