RHI pushes through key technical resistance level
Robert Half International Inc. (RHI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, RHI ended the month 4.12% higher at 52.83 after gaining $1.00 (1.93%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 51.85, the share confirmed its breakout through the previous session high after trading up to $1.19 above it intraday.
Daily Candlestick Chart (RHI as at Jun 30, 2020):
Tuesday's trading range has been $1.47 (2.85%), that's below the last trading month's daily average range of $1.88. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for RHI.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 52.45 (now S1), which is likely to act as support going forward. The last time this happened on June 8th, RHI actually lost -3.52% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Robert Half. Out of 432 times, RHI closed higher 50.69% 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 two trading days, showing a win rate of 52.31% with an average market move of 0.07%.