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August 8 Chart of the Day - UPS

United Parcel Service (UPS) reported earnings before the opening bell today lowering its full-year revenue and operating margin projections primarily to reflect the loss of volume and the higher costs associated with the tentative five-year contract reached with the Teamsters union July 25.

The stock was trading down about 5% in pre-market trading.

From a price action technical analysis perspetive could this be the catalyst that moves price out of the wedge its been building on the weekly chart?

Only time will tell for sure. With that in mind we've identified some levels, zones, and areas on the monthly and weekly chart.

So what's next?

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

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