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5 Big Stocks to Trade for Gains

C.H. Robinson Worldwide

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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It's important not to jump the gun and try to take an early short position in CHRW. Remember, that $63 support level is there for a reason -- it's a price level where there's previously been a massive glut of demand for shares. We need to see selling pressures swat away that demand with a breakdown before shorting CHRW becomes a high probability trade.

Once that happens, I'd recommend keeping a protective stop just above the 50-day moving average.

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BRCM $54.67 0.31%
CHRW $69.68 0.23%
DVN $22.67 -4.30%
NKE $55.68 1.20%
WFC $46.47 -0.06%


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