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:
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.
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