This evening C.H. Robinson Worldwide (CHRW) is scheduled to tell shareholders and fundamental analysts how their latest quarter was. Let's check and see if the charts of the freight transportation firm are in gear for a rally or a pullback.
In this daily bar chart of CHRW, below, I see that prices have struggled since a high in August. CHRW is trading between the 200-day moving average line and the 50-day moving average line.
The On-Balance-Volume (OBV) line shows a decline from August with some recent improvement in January. The Moving Average Convergence Divergence (MACD) oscillator has just moved above the zero line for an outright buy signal.
In this weekly Japanese candlestick chart of CHRW, below, I see a mixed picture. Prices have "rolled over" in 2022 and trade below the 40-week moving average line. The weekly OBV line declined in the second half of 2022 and now shows just a three-week rise in January. The MACD oscillator has crossed to the upside for a cover shorts buy signal.
In this daily Point and Figure chart of CHRW, below, I can see a price target in the $116 area.
In this weekly Point and Figure chart of CHRW, below, a downside price target in the $74 area is being projected by the software. Interesting.
Bottom line strategy: A number of analysts and market observers are spouting optimistic views of 2023 but the charts of CHRW suggest a different story about the U.S. economy.
