RHI pushes through previous session high
Robert Half International (RHI) Technical Analysis Report for Apr 16, 2018
RHI finished Monday at 59.27 gaining $0.71 (1.21%). Trading up to $0.37 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 59.24, the market confirms its breakout through the prior session's high having traded $0.36 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $0.79 (1.33%), that's below last trading month's daily average range of $1.19. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 58.20 and 59.60 which it has been in now for the last trading week.
Unable to break through the key technical resistance level at 59.50, the share closed below it after spiking as high as 59.60 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 58.32 where further sell stops could get triggered. With prices trading close to this year's high at 60.54, upside momentum might speed up should RHI be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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