October 3 Chart of the Day - UPS
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
United Parcel Service (UPS) offers package delivery, supply chain management, and freight forwarding services. They company's stock performance is often thought of as a leading indicator of future US economic conditions.
Since they last reported their quarterly earnings back on July 22 their share price had been down over 15% at one point before attempting to mount a comeback...
Their next earnings release is scheduled later this month on October 24 so we wanted to review their chart from a price action technical analysis perspective.
We have featured over 300 Charts of the Day since May 2023 and teach Price Action Technical Analysis Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that after setting its $233.72 all time high (ATH) back in early 2022 price fell dramatically over the couple of years and seemingly is in search of a bottom.
Price could likely continue falling with next a potential destination down around a previous major support/resistance zone in the $110-$115 area.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and steady creation of lower highs and lower lows.
Trading in the $130 earlier today price may be attempting to reach down to test a 15+ year trend line.
While $100-$110 area is a potential downside target, technically speaking price could continue dropping much further below that level.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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