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.
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