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Possible Bearish Inside Day Candle Pattern Detected for H&R Block (NYSE:HRB)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in H&R Block (NYSE:HRB) based on the price action in the company's shares. Yesterday's price range of $24.17 and $24.55 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of H&R Block may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

H&R Block, Inc. provides a wide range of financial products and services through its subsidiaries. The Company provides tax services to the general public, accounting and consulting services, and consumer financial and personal productivity software. H&R Block provides its tax services to clients in the United States and other countries.

In the past 52 weeks, H&R Block share prices have been bracketed by a low of $19.18 and a high of $37.53 and closed yesterday at $24.31, 27% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 4%.

There is potential upside of 74.1% for shares of H&R Block based on a current price of $24.31 and an average consensus analyst price target of $42.33. H&R Block shares should first meet resistance at the 50-day moving average (MA) of $26.01 and find additional resistance at the 200-day MA of $32.54.

SmarTrend recommended that subscribers consider buying shares of H&R Block on June 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.76. Since that recommendation, shares of H&R Block have risen 7.9%. We continue to monitor HRB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle h&r block

Ticker(s): HRB