C.H. Robinson Worldwide, Inc. (NASDAQ: CHRW)

C.H. Robinson Worldwide, Inc., a third-party logistics company, provides freight transportation services and logistics solutions to companies in various industries worldwide. It offers transportation and logistics services, such as truckload, less than truckload, intermodal, ocean, and air freight transportation, as well as other logistics services, including transportation management, customs brokerage, and warehousing. The company has contractual relationships with approximately 56,000 transportation companies, including motor carriers, railroads, air freight, and ocean carriers. It also engages in buying, selling, and marketing fresh produce. It offers its fresh produce to grocery retailers, restaurants, produce wholesalers, and foodservice distributors through a network of independent produce growers and suppliers. The company operates through a network of 276 branch offices in North America, Europe, Asia, South America, and Australia. C.H. Robinson Worldwide, Inc. was founded in 1905 and is headquartered in Eden Prairie, Minnesota.

Please take a look at the 1-year chart of CHRW (C.H. Robinson Worldwide, Inc.) below with my added notations:

1-year chart of CHRW (C.H. Robinson Worldwide, Inc.)

CHRW has been holding a very important level of support at $56 (green) for almost the entire duration of the 1-year chart. No matter what the market has or has not done over that period of time, CHRW has held that $56 level all but in the month of August. The stock approaching $56 again should provide another bounce higher, but if the overall market continues to sell-off, CHRW could break that support.

The Tale of the Tape: CHRW has a very strong level of support at $56. A trader could enter a long position at $56 with a stop placed under the level. If the stock were to break below the support, a short position would be recommended instead.

Would you like assistance in making your TBS trades? If so, email me at Christian@yolopub.com and let’s talk about working together one on one!

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!

Christian Tharp, CMT