RHI closes above its opening price after recovering from early selling pressure
Robert Half International Inc. (RHI) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, RHI ended Wednesday at 54.07 edging higher $0.10 (0.19%), outperforming the S&P 500 (-0.46%). Trading up to $0.51 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Tuesday's high at 54.04, the stock confirmed its breakout through the prior session high after trading up to $0.76 above it intraday.
Daily Candlestick Chart (RHI as at Sep 16, 2020):
Wednesday's trading range has been $1.30 (2.41%), that's slightly above the last trading month's daily average range of $1.30. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RHI.
Five candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Rickshaw-Man showed up on August 3rd, RHI gained 1.59% on the following trading day.
The share managed to close above the 20-day moving average at 53.88 for the first time since August 25th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 55.32 where further buy stops could get triggered. As prices are trading close to September's high at 55.32, upside momentum might speed up should Robert Half mark new highs for the month.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Long-Legged Doji" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Robert Half. Out of 26 times, RHI closed higher 61.54% 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 69.23% with an average market move of 2.11%.