Ryder System (R) had a sharp October-December rally last year but since its early December zenith prices have give back all those gains but the no bottom is in sight. Prices could back up even more in the weeks ahead.
The weigh station of charts and indicators looks bearish.
In this daily bar chart of R, below, we can see the December peak and the subsequent decline. Prices tried to stabilize in January to April, but the On-Balance-Volume (OBV) did not respond -- and in late April R gapped to the downside, breaking below both the 50-day moving average and the rising 200-day moving average line in the same day.
This month, we can see a dead cross with the 50-day average declining below the now flat 200-day average line. The OBV line is still weak, and the momentum study is not diverging enough to anticipate a rally.
In this weekly chart of R, above, we get no bullish clues. Prices are below the flat 40-week moving average line and prices look like they are halfway into the prior resistance area from 2016. The weekly OBV line is pointed down and the Moving Average Convergence Divergence (MACD) oscillator is below the zero line for an outright sell signal.
In this Point and Figure chart of R, above, we can see how far prices have pushed down into the prior consolidation area. A downside price target of $47 is projected.
Bottom line: R looks vulnerable to further declines. We may not reach $47 on the downside, but losses to the upper $50s look like they are on the route.