Don't Ignore This Chart!

UPS Goes for a Breakout

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United Parcel Service (UPS) has been lagging the broader market this year, but may be turning around as it bounces off support and momentum turns up. UPS surged to a 52-week high in December and then retraced 50% with a sharp decline in January. The stock managed to firm near broken resistance and consolidated after this plunge. There is clearly a lot of support in the 102.5 area and the stock surged off this zone the last two weeks. Also notice that weekly MACD turned up and crossed above its signal line. This improving technical outlook increases the odds for a resistance breakout and a continuation of the 2016 advance. 

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--Arthur Hill CMT

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Announcement from the Author

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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