Technical Setup: COUPANG INC Appears Poised for a Breakout.

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.

Insights from Technical Analysis

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 8 out of 10 to CPNG. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• Looking at the yearly performance, CPNG did better than 87% 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 one of the better performing stocks in the Broadline Retail industry, it outperforms 90% of 32 stocks in the same industry.
• 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 22.95 - 26.91 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of CPNG

How does the Setup look for NYSE:CPNG

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:CPNG scores a 8 out of 10:

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. There is very little resistance above the current price. There is a support zone below the current price at 25.03, a Stop Loss order could be placed below this zone.

How to trade NYSE:CPNG?

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.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.