CHRW closes within previous day's range after lackluster session
C.H. Robinson Worldwide Inc. (CHRW) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
CHRW finished Monday at 80.66 losing $0.47 (-0.58%), underperforming the S&P 500 (0.38%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (CHRW as at Jun 01, 2020):
Monday's trading range has been $1.07 (1.32%), that's far below the last trading month's daily average range of $2.10. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for CHRW.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 79.86 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 82.88 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 79.56 where further sell stops could get activated. With prices trading close to this year's high at 84.93, upside momentum might accelerate should C. H. Robinson be able to break out to new highs for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for C. H. Robinson. Out of 686 times, CHRW closed higher 57.14% 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 55.69% with an average market move of 0.61%.