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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ch Robinson (NASDAQ:CHRW) based on the price action in the company's shares. Yesterday's price range of $71.37 and $72.16 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. Traders and investors interested in shares of Ch Robinson 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 share prices have moved between a 52-week high of $91.23 and a 52-week low of $56.94 and closed yesterday at 25% above that low price at $70.90 per share. The 200-day and 50-day moving averages have moved 0.3% lower and 0% lower over the past week, respectively.

Potential upside of 27.7% exists for Ch Robinson, based on a current level of $70.90 and analysts' average consensus price target of $90.56. The stock should hit resistance at its 200-day moving average (MA) of $77.52, as well as support at its 50-day MA of $68.64.

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.

SmarTrend is tracking the current trend status for Ch Robinson and will alert subscribers who have CHRW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ch robinson

Ticker(s): CHRW