Paycom Software, Inc. offers cloud-based human capital management (HCM) software solutions delivered as Software-as-a-Service in the United States. It provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement. Its HCM solution offers a suite of applications in the areas of talent acquisition including applicant tracking, candidate tracker, background checks, on-boarding, E-Verify, and tax credit service applications; time and labor management, such as time and attendance, scheduling/schedule exchange, time-off requests, labor allocation, and labor management reports/push reporting, payroll and tax management, Paycom Pay, expense management, and garnishment management applications.
Take a look at the 1-year chart of Paycom (NYSE: PAYC) with the added notations:
PAYC had been in a steady trend higher for most of the past year, but
the stock started a significant decline in November. The stock has now
fallen all the way back down to its $30 level. Over the past year, PAYC
has found support at that same $30 support (green) on multiple
occasions. Traders may be able to expect some sort of bounce if the
stock reaches that support again. However, if the $30 support were to
break, lower prices should follow.
The Tale of the Tape: PAYC has an important level of
support at $30. A trader could enter a long position at $30 with a stop
placed under the level. If the stock were to break below the support a
short position could be entered instead.