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 - Get Report), 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.
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