UPS pushes through previous session high

United Parcel Service (UPS) Technical Analysis Report for Apr 16, 2018

Highlights

UPS dominated by bulls lifting the market higher throughout the day
UPS closes higher for the 5th day in a row
UPS ends the day on a bullish note closing near the high of the day
UPS pushes through previous session high
UPS rises to highest close since March 16th

TQ Sentiment

Report Sentiment: 60% Bullish
Technical Forecast:

Overview

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.

Daily chart for UPS

Volatility

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.

Trend

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.

Order Flow

Further buying could move prices higher should the market test March's nearby high at 111.20.

Conclusion

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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