RHI pushes through Wednesday's high
Robert Half International Inc. (RHI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, RHI ended Thursday at 43.46 gaining $3.59 (9.0%), strongly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 42.47, the stock confirmed its breakout through the previous session high after trading up to $1.27 above it intraday.
Daily Candlestick Chart (RHI as at Mar 26, 2020):
Thursday's trading range has been $4.91 (12.14%), that's far above the last trading month's daily average range of $3.43. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RHI.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, RHI gained 1.76% on the following trading day.
Prices are trading close to the key technical resistance level at 43.83 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Robert Half. Out of 304 times, RHI closed higher 50.33% of the time on the next trading day after the market condition occurred.