CHRW closes within prior day's range
C.H. Robinson Worldwide Inc. (CHRW) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
CHRW finished the month 18.54% higher at 93.72 after gaining $0.16 (0.17%) today, underperforming the S&P 500 (0.77%). Trading up to $1.73 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (CHRW as at Jul 31, 2020):
Friday's trading range has been $2.08 (2.22%), that's slightly above the last trading month's daily average range of $1.95. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for CHRW.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Hanging Man. The last time a Hanging Man showed up on June 2nd, CHRW actually gained 1.98% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 85.59.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for C. H. Robinson. Out of 104 times, CHRW closed higher 55.77% 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 56.73% with an average market move of 0.54%.