NYSE:CPNG may be ready to breakout.

Our stock screener has detected a potential breakout setup on COUPANG INC (NYSE:CPNG). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:CPNG.

Technical Analysis Observations

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall CPNG gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, CPNG is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, CPNG did better than 82% of all other stocks. We also observe that the gains produced by CPNG over the past year are nicely spread over this period.
• CPNG is part of the Broadline Retail industry. There are 33 other stocks in this industry. CPNG outperforms 87% of them.
• CPNG is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so CPNG is leading the market.
• In the last month CPNG has a been trading in the 21.83 - 23.99 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of CPNG for a complete technical analysis.

Looking at the Setup

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 9:

CPNG has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. 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 23.43. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 21.94, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CPNG in the last couple of days, which is a good sign.

Trading setups like NYSE:CPNG

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

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.