HRB rallies 15.07% on high volume
H&R Block Inc. (HRB) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, HRB ended Thursday at 15.88 surging $2.08 (15.07%) on high volume, significantly outperforming the S&P 500 (6.24%). This is the biggest single-day gain in over two years. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 14.17, the market confirmed its breakout through the previous session high after trading up to $2.11 above it intraday.
Daily Candlestick Chart (HRB as at Mar 26, 2020):
Thursday's trading range has been $2.64 (18.86%), that's above the last trading month's daily average range of $1.88. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for HRB.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, HRB actually lost -15.14% on the following trading day.
Buyers managed to take out the key technical resistance level at 14.53 (now S1), which is likely to act as support going forward.
Although the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for H&R Block. Out of 476 times, HRB closed higher 50.21% of the time on the next trading day after the market condition occurred.