CHRW rises to highest close since December 12, 2018
C.H. Robinson Worldwide Inc. (CHRW) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, CHRW ended the week 3.56% higher at 85.63 after edging higher $0.19 (0.22%) today on low volume, slightly outperforming the S&P 500 (-0.01%). Today's close at 85.63 marks the highest recorded closing price since December 12, 2018. Closing above Thursday's high at 85.50, the share confirmed its breakout through the previous session high after trading up to $0.47 above it intraday.
Daily Candlestick Chart (CHRW as at Jan 11, 2019):
Friday's trading range has been $1.61 (1.9%), that's below the last trading month's daily average range of $2.26. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CHRW.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on January 4th, CHRW gained 0.48% on the following trading day.
Prices are trading close to the key technical support level at 85.19 (S1).
Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for C. H. Robinson. Out of 576 times, CHRW closed higher 55.21% of the time on the next trading day after the market condition occurred.