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Bearish Moving Average Cross by CH Robinson Worldwide (CHRW)

Published on Thu, 03/21/2013 - 11:12
By Robert Cotter

Today, shares of CH Robinson Worldwide (NASDAQ:CHRW) have crossed bearishly below their 10-day moving average of $58.39 on a volume of 352K shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

C.H. Robinson Worldwide, Inc. provides multimodal transportation services and logistics solutions. The Company operates a network of offices in North America, Europe, Asia, South America, and the Middle East. C.H. Robinson provides a variety of logistics services, such as fresh produce sourcing and freight consolidation.

CH Robinson Worldwide share prices have moved between a 52-week high of $67.93 and a 52-week low of $50.81 and are now trading 14% above that low price at $58.05 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

There is potential upside of 19.1% for shares of CH Robinson Worldwide based on a current price of $58.05 and an average consensus analyst price target of $69.12. The stock should run into initial resistance at its 200-day moving average (MA) of $59.47 and subsequent resistance at its 50-day MA of $61.22.

By Robert Cotter