UPS pushes through previous session high
United Parcel Service (UPS) Technical Analysis Report for Apr 16, 2018
Moving higher for the 5th day in a row, UPS finished Monday at 109.25 gaining $2.00 (1.86%) on high volume. Today's closing price of 109.25 marks the highest close since March 16th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 108.34, the share confirms its breakout through the prior session's high having traded $1.05 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Monday's trading range was $1.23 (1.14%), that's far below last trading month's daily average range of $2.23. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Although the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Further buying could move prices higher should the market test March's nearby high at 111.20.
While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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