RJF rises to highest close since December 6, 2018
Raymond James Financial Inc. (RJF) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
RJF finished the week 3.77% higher at 77.25 after gaining $0.71 (0.93%) today on low volume, outperforming the S&P 500 (-0.01%). Today's close at 77.25 marks the highest recorded closing price since December 6, 2018. Trading up to $0.71 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 Thursday's high at 77.09, Raymond James confirmed its breakout through the prior session high after trading up to $0.27 above it intraday.
Daily Candlestick Chart (RJF as at Jan 11, 2019):
Friday's trading range has been $1.89 (2.48%), that's slightly below the last trading month's daily average range of $2.07. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for RJF.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. The last time this happened on January 2nd, RJF actually lost -3.38% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After having been unable to move above 77.09 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 77.36.
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 Raymond James. Out of 439 times, RJF closed higher 53.30% 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 57.63% with an average market move of 0.79%.