HRB breaks back above 20-day moving average
H&R Block Inc. (HRB) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
HRB finished Wednesday at 14.89 gaining $0.19 (1.29%) on high volume, significantly outperforming the S&P 500 (-0.46%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (HRB as at Sep 16, 2020):
Wednesday's trading range has been $0.51 (3.46%), that's slightly below the last trading month's daily average range of $0.57. Weekly volatility is also lower, being slightly 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 14.39 and 15.31 where it has been caught now for the whole last trading week.
The share managed to close back above the 20-day moving average at 14.80. When this moving average was crossed above the last time on September 11th, HRB actually lost -1.80% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 15.31 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 14.39 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for H&R Block. Out of 157 times, HRB closed higher 57.96% 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 eight trading days, showing a win rate of 54.14% with an average market move of 0.19%.