"Automatic Data Processing (ADP) Technical Analysis

Today we'll analyze the Stock ADP for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 43.89$ (04/04/08) to 41.98$ (04/11/08) a 1.91$ move
2- The current bullish trend started from 41.98$ at 04/11/08 and is currently trading at 43.31$.

3- The stock current support level is at 43.16 which is the 61.80% fibonacci retracement of the last 1.91$ move.
4- The stock current resistance level is at 43.89 which is the 100.00% fibonacci retracement of the last 1.91$ move.
5- According to ADX, the trend is currently strong bullish,which is becoming weaker.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Short term chart patterns :

6- The Stock was supported by a support line, identified by two points: 41.98 and 38.78, and is currently supporting at 42.5133.
Mid term chart patterns :

None.
Long term chart patterns :

7- The Stock formed Double Top Pattern at 48.89.

Conclusion:
ADP was trading in a strong bullish wave, which is becoming weaker .
Technical indicators and chart patterns show highly volatile movements favoriting bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
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Resistance Levels: 43.35, 43.39, 43.43, 43.47, 43.89, 44.41, 45.07, 47.64, 48.84, 48.89,.
Support Levels: 43.16, 43.00, 42.93, 42.80, 42.71, 42.65, 42.51, 42.49, 42.43, 41.98,.