Will Janus Henderson Group PLC (ASX: JHG) manage to surpass the major hurdle on Charts?

Summary

  • JHG price settled at AUD 44.85, up by ~5.18 percent in Friday’s trading session and was as one of the top gainers of S&P/ASX 200.
  • JHG’s prices started to firm up by the end of March 2020 and gained ~ 119 percent in 8 months.
  • Prices are sustaining above a downward sloping trend line breakout for more than 5 months, indicating an upward direction for the stock.
  • The momentum oscillator RSI (14-period) is trading at ~65.54 level.

Janus Henderson Group PLC (ASX: JHG) is a UK-based investment management company with offices in Jersey, United Kingdom, and Sydney. On Friday, JHG price settled at AUD 44.85, up by ~5.18 percent, and was as one of the top gainers on S&P/ASX 200.

How is JHG poised on daily charts?

JHG’s prices started to move upside from the end of March 2020 and gained ~ 119 percent in 8 months. Post making a high of AUD 45.25 in December 2020, prices entered into a correction mode after forming a Shooting Star (bearish reversal) candlestick pattern. For the past two and half months, prices have been trading in a moderate bullish trend and shot up ~24 percent from February 2021 low. Prices are also sustaining above a downward sloping trend line breakout for more than 5 months, indicating bullish bias. However, the current upside move is not backed by volume, indicating a lack of interest from market participants that is putting uncertainties over the future direction. Now the prices are facing stiff resistance from AUD 45.25, a decisive break out of the same will be crucial to gauge the short-term trend of the stock. 

Source: Refinitiv, Thomson Reuters; Analysis: Kalkine Group

Technical Indicator Analysis (On the weekly chart):

The momentum oscillator RSI (14-period) is trading at ~65.54 level and indicating an upward direction for the stock; however, forming a moderate negative divergence with the price action.

Read: A Technical Look At Momentum Oscillator – Relative Strength Index (RSI)

Prices are continuously taking support from the trend-following indicators 21-period SMA and trading above another trend-following indicator 50-period SMA which is acting as the support for the stock. The summary of technical indicators is as below:

After analyzing the current price action coupled with the technical indicator readings, Janus Henderson Group PLC appears to be in a moderate bullish trend; however, now prices are facing stiff resistance at AUD 45.25 level. The price action around the level will clear uncertainties over the future trend of the stock.


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