Will H&R BLOCK INC breakout?

H&R BLOCK INC (HRB)       42.54   -0.87 (-2%)

After market: 42.54 0 (0%)

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Will H&R BLOCK INC breakout?9 days ago - Chartmill

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 2022-09-23

Zooming in on the technicals.

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 8 out of 10. In the last year, HRB was one of the better performers, but we do observe some doubts in the very recent evolution.

  • The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
  • 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. On top of that, HRB also shows a nice and consistent pattern of rising prices.
  • HRB is one of the better performing stocks in the Diversified Consumer Services industry, it outperforms 98% of 70 stocks in the same industry.
  • 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

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 9 as setup rating:

HRB has an excellent technical rating and 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 43.99, 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.

How can NYSE:HRB be traded?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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.

More breakout setups can be found in our Breakout analyzer.


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