RHI closes below its opening price unable to hold early session gains
Robert Half International Inc. (RHI) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, RHI finished the week 1.64% higher at 60.20 after losing $0.20 (-0.33%) today on low volume, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading $0.49 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 60.29, the stock confirmed its breakout through the prior session low after trading up to $0.25 below it intraday.
Daily Candlestick Chart (RHI as at Feb 14, 2020):
Friday's trading range has been $0.77 (1.28%), that's slightly below the last trading month's daily average range of $1.11. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RHI.
Three candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and two bearish patterns, the Bearish Spinning Top and the Shooting Star. The last time a Bearish Spinning Top showed up on January 30th, RHI lost -4.06% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Robert Half. Out of 47 times, RHI closed higher 65.96% 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 10 trading days, showing a win rate of 48.94% with an average market move of 0.50%.