RJF closes higher for the 2nd day in a row
Raymond James Financial Inc. (RJF) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, RJF finished the week 0.57% higher at 86.10 after gaining $0.72 (0.84%) today, slightly outperforming the S&P 500 (0.46%). Today's close at 86.10 marks the highest recorded closing price since May 24th. Trading up to $0.36 lower after the open, Raymond James managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 85.67, the market confirmed its breakout through the previous session high after trading up to $0.53 above it intraday.
Daily Candlestick Chart (RJF as at Jul 12, 2019):
Friday's trading range has been $0.97 (1.13%), that's far below the last trading month's daily average range of $1.54. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RJF.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on July 5th, RJF actually lost -2.28% on the following trading day.
After trading down to 85.23 earlier during the day, the share bounced off the key technical support level at 85.54 (S1). The failure to close below the support might increase that levels importance as support going forward.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
As prices are trading close to July's high at 86.37, upside momentum could speed up should RJF mark new highs for the month.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Raymond James. Out of 104 times, RJF closed higher 64.42% 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 59.62% with an average market move of 0.80%.