CHRW closes within prior day's range
C.H. Robinson Worldwide Inc. (CHRW) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
CHRW ended Wednesday at 103.49 losing $0.57 (-0.55%) on high volume, slightly underperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CHRW as at Sep 16, 2020):
Wednesday's trading range has been $2.35 (2.24%), that's above the last trading month's daily average range of $1.93. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CHRW.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on September 8th, CHRW actually gained 3.44% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 98.46.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for C. H. Robinson. Out of 97 times, CHRW closed higher 54.64% 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 60.82% with an average market move of 0.41%.