Hey traders, CH ROBINSON WORLDWIDE is in a bearish configuration, according to the several purchase volumes of the last 4 days, great potential for a reversal this time.
Its looking to go on its last higher where otherwise the buyers will buy again one last time to give a certain angoumment and fell back the following day.
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Markets are looking bullish at the moment and things are going up again. This crash in the market have given us some good opportunities to buy good quality stocks at great discounts
However it is difficult to predict if the current bullish momentum is just a dead cat bounce, or if the market is actually going to rally to all time highs
Therefore it could be a...
CHRW is approaching our first resistance at 92.75 (horizontal swing high resistance, 61.8% Fiboancci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 85.96 (horizontal swing low support, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance.
CHRW is approaching support at 81.02 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 93.09 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching support at 2.12% where a corresponding bounce could occur.
This daily chart of CHRW is straightforward. Resistance, once broken, becomes support. The move from 60 to 100 was a clean break through resistance at 80, followed by a simple 50% correction. Initiating a long position at 90 with the intention of holding for as long as price stays above 80. Initial profit target at 110 for a 2:1 reward-to-risk ratio.
Now this week's new Trade Idea of The Week is in CH ROBINSON (CHRW). We decided to enter a bullish position in one of our watchlist stocks, CH ROBINSON. We entered this trade on the long side at $92.94 and we have already made some gains today. This is a great setup that we loved to play called a squeeze. This is where the price consolidates and then starts to...
CHRW is likely going much higher in the future. The 3rd party logistics business is breaking out to all-time highs after consolidating for much of the last five years.
Fundamental Backdrop: Changes in the regulatory environment of the U.S. freight business are taking a enormous % of truck driver driving hours off the road, due in large part to the...