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Possible Bullish Inside Day Candle Pattern Detected for CH Robinson Worldwide (NASDAQ:CHRW)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CH Robinson Worldwide (NASDAQ:CHRW) based on the price action in the company's shares. Today's price range of $73.53 and $74.05 is within yesterday'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. Traders and investors interested in shares of CH Robinson Worldwide may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

CH Robinson Worldwide (NASDAQ:CHRW) is currently priced 0.8% above its average consensus analyst price target of $73.43. The stock should discover initial support at its 50-day moving average (MA) of $72.75 and subsequent support at its 200-day MA of $68.65.

C.H. Robinson Worldwide, Inc. provides multimodal 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 provides a variety of logistics services, such as fresh produce sourcing and freight consolidation.

In the past 52 weeks, shares of CH Robinson Worldwide have traded between a low of $59.71 and a high of $76.10 and are now at $74.02, which is 24% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of CH Robinson Worldwide on February 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $65.44. Since that recommendation, shares of CH Robinson Worldwide have risen 12.1%. We continue to monitor CHRW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle ch robinson worldwide

Ticker(s): CHRW