RHI closes below its opening price unable to hold early session gains
Robert Half International Inc. (RHI) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, RHI finished Tuesday at 67.22 gaining $0.23 (0.34%), slightly outperforming the S&P 500 (0.05%). Trading $0.37 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 27th, RHI actually gained 1.93% on the following trading day. 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 (RHI as at Apr 16, 2019):
Tuesday's trading range has been $0.60 (0.89%), that's far below the last trading month's daily average range of $1.16. 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 RHI.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
Prices are trading close to the key technical support level at 66.73 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 69.01, upside momentum might speed up should the share be able to break out to new highs for the year. As prices are trading close to April's high at 67.99, upside momentum could accelerate should Robert Half mark new highs for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Robert Half. Out of 346 times, RHI closed higher 54.62% 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 59.25% with an average market move of 1.08%.