Uncovering Noteworthy Technical Analysis Findings for COUPANG INC (NYSE:CPNG).

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.

Zooming in on the technicals.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 8 out of 10 to CPNG. In the last year, CPNG was one of the better performers, but we do observe some doubts in the very recent evolution.

• 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!
• When comparing the yearly performance of all stocks, we notice that CPNG is one of the better performing stocks in the market, outperforming 85% of all 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 32 other stocks in this industry. CPNG outperforms 90% 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 22.95 - 26.91 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.

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

How do we evaluate the setup for NYSE:CPNG?

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:CPNG currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

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 24.85, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:CPNG

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

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

Disclaimer

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.