NYSE:CPNG Shows Potential for a Breakout.

Our stock screener has spotted COUPANG INC (NYSE:CPNG) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:CPNG.

Deciphering the Technical Picture of NYSE:CPNG

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, CPNG scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, CPNG has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that CPNG is one of the better performing stocks in the market, outperforming 89% of all stocks.
• CPNG is part of the Broadline Retail industry. There are 33 other stocks in this industry. CPNG outperforms 84% of them.
• CPNG is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so CPNG is lagging the market slightly.
• In the last month CPNG has a been trading in the 21.14 - 23.77 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

Our latest full technical report of CPNG contains the most current technical analsysis.

How does the Setup look for NYSE:CPNG

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:CPNG this score is currently 8:

Besides having an excellent technical rating, CPNG also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 22.66, a Stop Loss order could be placed below this zone.

How to trade NYSE:CPNG?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.