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Will H&R BLOCK INC breakout?

By Mill Chart

Last update: Sep 19, 2022

Our stock screener has spotted H&R BLOCK INC (NYSE:HRB) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:HRB.

HRB Daily chart on 2022-09-19

Technical analysis of NYSE:HRB

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, HRB scores 9 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, HRB is showing a nice and steady performance.

  • The long and short term trends are both positive. This is looking good!
  • When comparing the yearly performance of all stocks, we notice that HRB is one of the better performing stocks in the market, outperforming 98% of all stocks. We also observe that the gains produced by HRB over the past year are nicely spread over this period.
  • HRB is part of the Diversified Consumer Services industry. There are 70 other stocks in this industry. HRB outperforms 98% of them.
  • HRB is currently trading in the upper part of its 52 week range. This is a good signal, certainly because the S&P500 Index is currently trading in the lower part of its 52 week range.

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:HRB scores a 9 out of 10:

Besides having an excellent technical rating, HRB also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 44.93, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for HRB in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:HRB?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout analyzer lists more breakout setups and is updated daily.

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H&R BLOCK INC

NYSE:HRB (3/28/2024, 10:13:04 AM)

48.87

+0.21 (+0.43%)

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