SIACharts Logo

Commentary >

United Parcel Service Inc. - (UPS) - April 28, 2021 

United Parcel Service (UPS) has been climbing back up the rankings within the SIA S&P 100 Index Report for nearly two months now. Yesterday, UPS returned to the Green Favored zone after a 10.4% gain one-day gain for the share price sparked by strong earnings propelled UPS up 10 spots to 26th place.

United Parcel Service (UPS) shares staged a major breakout yesterday. A breakaway gap over $180.00 to a new all-time high on volume signaled that an eight-month consolidation phase between $155.00 and $175.00 has come to an end and a new advance has started with accumulation resuming.

Initial upside resistance may appear near the $200.00 round number followed on trend by $215.00 and then the $235.00 to $240.00 area based on measured moves from previous trading ranges. Initial support moves up to the $180.00 breakout point from $175.00.

Last year, United Parcel Service (UPS) shares recovered all of their bear market losses by July then went on to stage a major advance through to October. For the last six months, the shares had been consolidating their high pole gains in a sideways range between $151.70 and $177.75. Earlier this month, the shares broke out over $175.00, completing a bullish Double Top pattern signaling renewed investor interest.

Yesterday’s breakout over $177.75 to a new all-time high and rally up toward $195.00 confirms that accumulation has resumed and that a new advance is underway. Next potential upside resistance appears near the $200.00 round number, then $208.25 and $221.00 based on horizontal counts. Initial support appears near $177.75 based on a 3-box reversal.

With a bullish SMAX score of 9, UPS is exhibiting near-term strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.