AUTOMATIC DATA PROCESSING
(ADP-NYSE):
Technical Viewpoint: From a low
of $40.33 on Mar 22, 2004 prices
rallied, reaching a
high of $45.99
on Apr 15, 2004. A
decline saw prices pull back, reaching a
low of
$43.57 on Apr 30, 2004.
Another rally saw prices penetrate
resistance, closing 5/7/04
at $46.03. Technicals: MACD-Histogram (MACD-H): A Buy Alert!
was given on Apr 5, 2004 when the Histogram crossed the "0" line to the upside.
Support: Remains at $44.13. Resistance: Is at None at current levels.
Point & Figure: Reversed to the upside on May 7, 2004. A P&F upside
reversal takes place at $45.50. Summary: Technical indicators have turned bullish. BUY! AUTOMATIC DATA PROCESSING
(ADP-NYSE) @ $46.50 Stop: Use a protective stop of $44.50.
AUTOMATIC DATA PROCESSING is currently trading @ $46.03 plus $0.78 on May 9, 2004. Price Objective:
$59.75. Risk/Reward: $2.00 VS. $13.25. Today's Risk Reward Ratio: 7:1
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