Paycom Software techs suggest this rally may be near an end

Paycom Software

09/04/2024 17:18

** Paycom Software  PAYC.N  rallied to a 3-month high Tuesday, neared January's monthly high
    ** Payroll processor's shares have been rallying since early March but techs could be
flashing warnings to longs
    ** Daily relative strength index (RSI) is rising but is now in overbought territory
    ** Prior instances of RSI becoming overbought have been followed by share price declines
    ** Shares are nearing the December monthly high and a key Fibonacci retracement
    ** The 50% Fibonacci of the $279.96-$146.15 decline sits just above December's high
    ** If shares can't rally above those impediments a drop near $170.00 may take hold     
    ** Stock last up 2.1% at $206.16 on the session. Over the past year, PAYC has lost 30%

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paycom    https://tmsnrt.rs/43VoLTM
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 (Christopher Romano is a Reuters market analyst. The views expressed are his own)
 ((christopher.romano@thomsonreuters.com))