CHRW closes higher for the 2nd day in a row
C.H. Robinson Worldwide Inc. (CHRW) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CHRW finished the month -2.55% lower at 79.06 after gaining $1.30 (1.67%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 77.99, the stock confirmed its breakout through the previous session high after trading up to $1.41 above it intraday.
Daily Candlestick Chart (CHRW as at Jun 30, 2020):
Tuesday's trading range has been $1.79 (2.3%), that's slightly below the last trading month's daily average range of $2.04. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CHRW.
One bullish candlestick pattern matches today's price action, the White Candle.
Unable to break through the key technical resistance level at 79.11 (R1), the share closed below it after spiking up to 79.40 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on June 24th, CHRW lost -1.55% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for C. H. Robinson. Out of 295 times, CHRW closed higher 56.27% of the time on the next trading day after the market condition occurred.