RJF rises to highest close since June 13, 2018
Raymond James Financial Inc. (RJF) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, RJF finished the week 5.21% higher at 98.95 after gaining $0.19 (0.19%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 98.95 marks the highest recorded closing price since June 13, 2018. Closing above Thursday's high at 98.77, the share confirmed its breakout through the prior session high after trading up to $0.74 above it intraday.
Daily Candlestick Chart (RJF as at Feb 14, 2020):
Friday's trading range has been $1.10 (1.12%), that's below the last trading month's daily average range of $1.70. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RJF.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to 2018's high at 102.17 we might see further upside momentum if potential buy stops at the level get triggered.
Among the three 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 431 times, RJF closed higher 53.13% 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 57.77% with an average market move of 0.85%.