Biggest Loser at the Opening Bell: H&R Block

Is this the continuation of the downtrend?

Downtrend 6

On Thursday morning, H&R Block (HRB), a provider of tax return services gapped down over 2.5%.  

Looking at a daily chart, H&R Block's stock price has just broken to the downside of a rising channel which appears to be signaling a continuation of the downtrend, confirming a bearish flag pattern. The RSI recently broke to the downside of a rising trend line and is currently sitting below 40. Price is expected to continue falling towards the $13.00 support level, likely finding some support before dropping further to $11.50. If price can reach $11.50 we may see a fall to new lows for the year. If price can make its way back above the lower trend line, price may gain some momentum and spike towards the $17.00 resistance.     



Source: GAIN Capital, TradingView

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