RJF closes within previous day's range after lackluster session

Raymond James Financial Inc. (RJF) Technical Analysis Report for Apr 16, 2018

Highlights

RJF pushes through 200-day moving average
RJF unable to break through key resistance level
RJF still stuck within tight trading range
RJF closes within previous day's range after lackluster session
RJF ends the day indecisive

TQ Sentiment

Report Sentiment: 30% Bullish
Technical Forecast:

Overview

RJF finished Monday at 86.55 gaining $1.01 (1.18%) on high volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for RJF

Volatility

Monday's trading range was $1.28 (1.48%), that's far below last trading month's daily average range of $2.54. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 84.90 and 87.95 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the share managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 85.16. Unable to break through the key technical resistance level at 87.18, the market closed below it after spiking as high as 87.28 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

Raymond James shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock managed to break above the 200-day moving average at 86.29 today for the first time since April 12th.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 87.95 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 85.16 where further sell stops could get triggered. With prices trading close to this year's low at 83.89, downside momentum might accelerate should RJF break out to new lows for the year. As prices are trading close to April's high at 89.90, upside momentum could speed up should the share mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Raymond James Financial Inc.

Condition Forecast Direction Win Rate Exit Day Events
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Outside Bar TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
Bearish Break through SMA 50 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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