USA A1 Trading Advice (A) | 28-Aug-2024 | Expected Gain 5%-6%

 BUY   Automatic Data Processing (NASDAQ: ADP)

Automatic Data Processing (NASDAQ: ADP) STOCK RECOMMENDATION

Idea BUY
Buy Range 270 – 274
Target 285 – 288
StopLoss* below 265
Duration 14-15 Trading Days
Potential Returns 5% – 6%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 270 – 274 285 – 288 below 265 14-15 Trading Days 5% – 6%

* Once the first target hit, reset the StopLoss at your buying price.

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Automatic Data Processing (NASDAQ: ADP) STOCK OVERVIEW

Automatic Data Processing, Inc. offers cloud-based human capital management (HCM) solutions globally. It has two main segments: Employer Services and Professional Employer Organization (PEO). The Employer Services segment provides strategic cloud platforms and HR outsourcing, including RUN Powered by ADP for small business payroll, ADP Workforce Now for mid-sized and large businesses, and ADP Vantage HCM for comprehensive HR management. The PEO Services segment delivers HR and employment outsourcing under the ADP TotalSource brand, focusing on co-employment, employee benefits, compliance, talent engagement, and recruitment outsourcing. Founded in 1949, the company is based in Roseland, New Jersey.

Stock Data
NASDAQ Symbol ADP
Sectoral Index Technology
52 Weeks High 275.1
52 Weeks Low 205.53

Automatic Data Processing (NASDAQ: ADP) - RELATIVE STRENGTH

ADP-RELATIVE STRENGTH

Relative Performance - Last 1 Year

Automatic Data Processing —     NASDAQ —

Automatic Data Processing (NASDAQ: ADP) - DAILY TECHNICAL ANALYSIS

Automatic Data Processing (NASDAQ: ADP) - Technical Analysis (Daily)
  • The stock price had earlier established an Inverted Head & Shoulders pattern.
  • After breaking out, it experienced a initial rise but encountered resistance around the 255 level.
  • This was followed by a period of consolidation, during which a Broadening pattern emerged.
  • With another breakout, the stock price soared and is now trading at an all-time high, with expectations of further upward movement.

Automatic Data Processing (NASDAQ: ADP) - RSI

Automatic Data Processing (NASDAQ: ADP) - RSI
  • Current RSI of this stock is 77.89, which indicates the strength of buyers.

Automatic Data Processing (NASDAQ: ADP) - ADX & DI

Automatic Data Processing (NASDAQ: ADP) - ADX & DI
  • Increasing ADX value above 20, indicated the strength of the trend, thereby uptrending ADX confirms the bullish or bearish supportive decisions. Along with the rising ADX, and the +DI is above (or crossing) -DI, indicates the long trades should be favoured.

Automatic Data Processing (NASDAQ: ADP) - EMA Cross

ADP-EMA CROSS
Automatic Data Processing (NASDAQ: ADP) - EMA Cross
  • The short length exponential moving average (10 EMA) has crossed the long length exponential moving average (20 EMA) from the below, generates bullish signal. Last dayโ€™s candle has closed above all these moving averages. This suggests buyers are taking interest in this stock.

CONCLUSION - Automatic Data Processing (NASDAQ: ADP) STOCK PRICE FORECAST

Based on our stock trading advice in USA, Automatic Data Processing stock price target will be USD 285 – USD 288 in the next 14-15 trading sessions.

Automatic Data Processing (NASDAQ: ADP) TRADINGVIEW POSITION UPDATE

MONEY MANAGEMENT AND TRADING RULES

1)ย  Itโ€™s advisable to enter/exit in the recommended range.
2)ย  Strictly follow the StopLoss as mentioned. Honour it.
3) ย Use trailing StopLoss to retain profits.
4)ย  Diversify trading capital into our other trading recommendations.
5)ย  Risk only the money what you can afford to lose. Hedge accordingly.

Advisor / ANALYST SUMMARY

The stock trading advice is prepared by the Naranj Capital team under the guidance ofย Arijit Banerjee, CMT, CFTe. Arijit is a veteran trader and an active investor having in-depth knowledge of financial market research, advanced technical analysis, market cycle, algorithmic trading, and portfolio management. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the global authority of Technical Analysis and also has been honored as aย Certified Financial Technician (CFTe)ย by the International Federation of Technical Analysts, USA.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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