"I understand there are many investors who have enjoyed success investing in human resources/recruitment equities over many business cycles. It appears some of these companies both medium and small cap are now growing earnings quite robustly. I am sure there are others in the collective who would appreciate your opinion on timing and price action."

Eoin Treacy's view Thank you for this question which others may also have an interest in. Intuitively, recruiters should do well in a recovery as companies begin to increase their headcount and are more willing to pay up for the right people. However, there is no clear commonality in the sector. This suggests that the better performing companies have a clear competitive advantage compared to the laggards rather than a pervasive bull market that is raising profitability for the sector as a whole.

Companies such as Monster Inc and USG People remain within developing base formations. Robert Half International, Kelly Services and Hays Plc have all been prone to large swings both up and down following the 2009 low. They need to break their respective five-month progressions of lower rally highs to begin to suggest that demand is regaining the upper hand beyond the short term.

Michael Page remains in a consistent medium-term uptrend where it has found support in the region of the 200-day MA during successive reactions. A sustained move below 500p would be required to begin to question medium-term scope for additional upside.

Korn/Ferry International and Dice Holdings have both completed reversions towards their respective 200-day MAs and appear to be in the process of finding support. Sustained moves below their trend means would be required to check current scope for some additional firming.

China focused, 51Job, has lost momentum following an impressive acceleration. It continues to revert towards the mean and is currently testing the progression of higher reaction lows. It will need to find support soon if these are to hold, while a sustained move below $50 would likely complete a medium-term top.