C.H. Robinson Worldwide Inc. (CHRW) – This global logistics and transportation services and logistics company formed a huge double-bottom in Oct 2008 and March 2009, breaking from a compound “W” in August that had a trading target of $64.
In October, a high of over $61 was achieved before profit-taking drove the price to $56.
CHRW has been consolidating within a triangle with trading centered on a conjunction of the 20- and 50-day moving averages, and a recent double buy signal from our internal indicator, the Collins-Bollinger Reversal (CBR), is a strong positive.
A break above $60 has a trading target of $64, but a longer-term target of $80.
S&P has a “five-star strong buy” on the stock with a 12-month target of $80.
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