HRB finds buyers again around 16.67

H&R Block Inc. (HRB) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team


HRB finds buyers again around 16.67
HRB still stuck within tight trading range
HRB closes within previous day's range after lackluster session


HRB ended the week 8.38% higher at 16.94 after edging lower $0.05 (-0.29%) today, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (HRB as at May 22, 2020):

Daily technical analysis candlestick chart for H&R Block Inc. (HRB) as at May 22, 2020

Friday's trading range has been $0.44 (2.59%), that's far below the last trading month's daily average range of $0.73. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HRB. Prices continued to consolidate within a tight trading range between 16.23 and 17.25 where it has been caught now for the whole last trading week.

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on Wednesday, HRB actually gained 1.86% on the following trading day.

After having been unable to move lower than 16.66 in the prior session, the market found buyers again around the same price level today at 16.67.

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying could accelerate should prices move above the close-by swing high at 17.24 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 16.23 where further sell stops might get triggered.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for H&R Block. Out of 542 times, HRB closed higher 53.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.09% with an average market move of 0.46%.

Market Conditions for HRB as at May 22, 2020

Loading Market Conditions for HRB (H&R Block Inc.)...
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