Automatic Data Processing: Resistance Breakout
António Costa | Mar 13, 2016 02:25PM ET
We finally got the breakout in Automatic Data Processing Inc (NASDAQ:ADP). Shares rallied past resistance near $87 and hit my trigger to open positions. If the near-by support at $86.71 holds up on Monday, a rally up to the $89.5 level is probable or even possible. Only a close below $86 would negate the positive outlook. From a technical standpoint, the stock maintains a bullish bias with its recent run up, backed by the key daily momentum indicators.
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