Is C. H. Robinson Trade Over?

Published on Tuesday, 10 January 2012 04:54 Written by TradersHuddle Staff

New York, January 10th (TradersHuddle.com) - Shares of C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) ended the trading session lower by $0.4 or -0.59% from its previous close. C. H. Robinson's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) provides multimodal transportation services and logistics solutions. The Company provides a variety of logistics services, such as fresh produce sourcing and freight consolidation.

C. H. Robinson's current stock range is defined by calculated support defined at $66.50 and by the resistance level at $71.01, which should be used by traders planning their trades.

Traders wanting to establish a position in C. H. Robinson stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current C. H. Robinson shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: