C.H. Robinson Worldwide http://i.thestreet.com/files/tsc/v2008/photos/graphics/032812_rebecca5.jpg
That brings us to C.H. Robinson Worldwide (CHRW), an $11 billion freight logistics company that's forming the exact opposite pattern in the long-term. Right now, CHRW is forming a descending triangle with support at $63. That bearish setup could signal some downside in this name in April.
Think of a descending triangle as an ascending triangle flipped upside down: this pattern is formed by downtrending resistance above price with horizontal support below them. Not surprisingly, the trading implications of a breakdown below $63 are bearish. CHRW has been forming this pattern for months, a factor that adds more credibility to the strength of the setup.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV