By Mill Chart
Last update: Aug 27, 2024
Our stock screener has flagged COUPANG INC (NYSE:CPNG) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:CPNG for potential movement.
At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.
Overall CPNG gets a technical rating of 8 out of 10. Although CPNG is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.
Our latest full technical report of CPNG contains the most current technical analsysis.
Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:CPNG currently has a 8 as setup rating:
CPNG has an excellent technical rating and 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 a resistance zone just above the current price starting at 23.00. Right above this resistance zone may be a good entry point. We notice that large players showed an interest for CPNG in the last couple of days, which is a good sign.
For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.
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.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.