CHRW closes below its opening price unable to hold early session gains
C.H. Robinson Worldwide Inc. (CHRW) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CHRW finished the week -3.19% lower at 72.01 after losing $0.12 (-0.17%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading $0.36 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (CHRW as at Feb 14, 2020):
Friday's trading range has been $0.69 (0.96%), that's far below the last trading month's daily average range of $1.51. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CHRW.
Three candlestick patterns are matching today's price action, the Bullish Doji Star and the Southern Doji which are both known as bullish patterns and one neutral pattern, the Doji. The last time a Southern Doji showed up on February 5th, CHRW gained 1.15% on the following trading day.
Prices are trading close to the key technical resistance level at 72.64 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Southern Doji" stand out. Its common bullish interpretation has been confirmed for C. H. Robinson. Out of 54 times, CHRW closed higher 70.37% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.56% with an average market move of 0.45%.