Shares of Robert Half International (RHI) have been declining all year, but the downtrend is probably not over.
The specialized staffing and risk consulting services provider peaked in February/March with a small double top formation. Prices weakened with a death cross in June when the 50-day simple moving average declined under the longer 200-day average. The On-Balance-Volume (OBV) line turned lower in April as volume increased on down days for RHI. Selling picked up when prices broke below support at $49. Plus, there are no bullish divergences between prices moving lower and the momentum study, so we expect further declines in RHI after an oversold rally runs its course.
This chart of RHI, above, rolled over and broke below the declining 40-week moving average. The OBV line peaked in March on a weekly time frame. The MACD oscillator is bearish and below the zero line. Next chart support looks to be around $40 from the latter part of 2013 and early 2014.