• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Ch Robinson (NASDAQ:CHRW)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ch Robinson (NASDAQ:CHRW) based on the price action in the company's shares. Yesterday's price range of $76.12 and $77.62 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Ch Robinson may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

C.H. Robinson Worldwide, Inc. provides multi-modal transportation services and logistics solutions. The Company operates a network of offices in North America, Europe, Asia, South America, and the Middle East. C.H. Robinson offers a variety of logistics services, such as fresh produce sourcing and freight consolidation.

In the past 52 weeks, Ch Robinson share prices have been bracketed by a low of $74.12 and a high of $92.72 and closed yesterday at $76.55, 3% above that low price. The 200-day and 50-day moving averages have moved 0.42% lower and 0.84% lower over the past week, respectively.

Potential upside of 18.3% exists for Ch Robinson, based on a current level of $76.55 and analysts' average consensus price target of $90.56. Ch Robinson shares should first meet resistance at the 50-day moving average (MA) of $79.83 and find additional resistance at the 200-day MA of $83.34.

SmarTrend recommended that its subscribers protect gains by selling shares of Ch Robinson on October 30th, 2019 by issuing a Downtrend alert when the shares were trading at $79.64. Since that call, shares of Ch Robinson have fallen 3.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle ch robinson

Ticker(s): CHRW