Paychex (PAYX) Hits 52-Week High

Posted: Monday, November 23, 2009 2:49 PM EDT

Paychex (NasdaqNM: PAYX) hit a new 52-Week high of $31.85 so far today. Currently the stock is up $0.57 (1.84%) to $31.62 on 1,928,149 shares traded. Today's high is up $11.31 from a 52-Week Low of $20.31. Paychex stock has been showing support around $30.52 and resistance in the $31.38 range. Technical indicators for the stock are bearish and S&P gives PAYX a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on PAYX the stock seems like it could be a candidate for a March out-of-the-money bull-put credit spread below the 27.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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