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- 1 UPS stock gained traction and escaped above the 200-day EMA.
- 2 Bulls showed their vast muscles and were ready to blast further.
United Parcel Service (UPS Stock) price recovered from the support level of $165, forming a rounding bottom pattern on the charts. Moreover, the rebound was extended in the last trading session, escaping the hurdle of $180 above its 200-day EMA mark.
UPS stock is now trading beyond the key moving averages and is showing signs of bullishness. Additionally, based on the recent trading sessions, the chart structure indicates a favorable preference for buyers. The stock has gained momentum and is poised for a potential upward move, with a target of reaching $200. The renewed action and increasing traction further support the positive outlook for buyers in the market.
United Parcel Service, Inc. is a package delivery company providing global supply chain management solutions. Its segments include U.S. Domestic Package and International Package. Its U.S. Domestic Package and International Package are together referred to as its global small package operations.
Its global small package operations provide delivery services for express letters, documents, packages, and palletized freight via air and ground services. The U.S. Domestic Package segment offers small package delivery services in the United States and provides a range of guaranteed air and ground package transportation services.
At press time, UPS stock was trading at $183.77 with an intraday gain of 2.52%, showing bullishness and a positive outlook on the charts. Furthermore, the intraday trading volume was 3.33 million, and the market cap was $158.002 Billion.
Daily Chart Formation of UPS Stock
On the daily charts, UPS stock has attained bullishness and is willing to move towards the next hurdle of $190, as shown on the charts.
In the past trading sessions, UPS stock showed a rising wedge pattern, and during the earnings result of Q1 2023, the negative sentiments led to a breakdown, and the stock retested the substantial support level near $160.
The price setup signifies that the stock price is keen to reach $190 in the following sessions to retest the strength of bulls. Subsequently, a further follow-on move would be a deciding factor for the stock in indicating whether the trend is favorable or not.
What Technical Indicators Say?
On the 4-hour charts, UPS stock is trading above the neutral region and entering bullish territory, where buyers started to gather their strength in order to beat the bears.
Furthermore, UPS stock closed the previous day’s candle above the upper bollinger band, suggesting a chart breakout, favoring the bulls.
The relative strength index (RSI) curve showed a vertical move at the mark of 75 near the overbought zone and forming a positive divergence.
Likewise, the MACD indicator continues to exhibit green bars, indicating a bullish crossover and reflecting a positive outlook on the charts. This further reinforces the notion of a potential upward movement in UPS stock and adds to the overall bullish sentiment.
Conclusion:
United Parcel Service (UPS Stock) gained strength and showed bullishness, escaping above the 200-day EMA, indicating a positive outlook on the stock.
Technical Levels:
Support Levels: $170
Resistance Levels: $190 and $210
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
