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Good technical signals and a possible breakout for H&R BLOCK INC.

By Mill Chart

Last update: Sep 20, 2022

A possible breakout setup was detected on H&R BLOCK INC (NYSE:HRB) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:HRB.

HRB Daily chart on 2022-09-20

What is the technical picture of NYSE:HRB telling us.

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall HRB gets a technical rating of 9 out of 10. 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.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • Looking at the yearly performance, HRB did better than 98% of all other stocks. On top of that, HRB also shows a nice and consistent pattern of rising prices.
  • 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.
  • In the last month HRB has a been trading in the 43.88 - 47.41 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

How do we evaluate the setup for NYSE:HRB?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:HRB currently has a 10 as setup rating:

Besides having an excellent technical rating, HRB also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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 45.46, 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.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NYSE:HRB and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.

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H&R BLOCK INC

NYSE:HRB (3/28/2024, 8:15:55 PM)

After market: 49.11 0 (0%)

49.11

+0.45 (+0.92%)

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