This Transportation Stock Is Ready To Bounce
InTheMoneyStocks.com | Jun 08, 2017 02:14PM ET
CH Robinson Worldwide (NASDAQ:CHRW) is a leading provider of transportation services and logistics solutions throughout most of the world. CHRW topped out in March at $81.16 a share. Since that pivot top, the stock has declined to its current share price of $67.14. Traders can easily see that this stock is in a weak technical position.
CHRW's price is trading below its 50- and 200-day moving averages. The next major chart support for CH Robinson is around $63.23, which is an area where the stock was defended by institutional money back in February 2016. This important chart level is an area where the stock will likely find major support and stage a bounce in the share price.
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