- UPS stock price fell on friday as the US stock market plunged at weekend.
- During higher–lows formation, UPS stock price stays under an ascending parallel channel.
On Friday’s trading session, Wall Street’s major index reported in red along with little changes. Dow Jones was lower by 0.90% at 33,476 mark. Nasdaq fell 0.70% along with 77.39 points. Due to weak market sentiments United Parcel Services—UPS stock price fell 1.11% in the letter of 09 December.
Price action of NYSE:UPS stock price is suggesting higher-low and higher-highs formation since mid-October. Meanwhile, speculators follow a buying on dip strategy because asset price is remaining into the ascending parallel channel in the daily time frame.
Amid recent bullish rally, the UPS stock price got higher price rejection near $190 mark-closer to conceptual round level of $200. However, bears have already placed their selling orders in massive quantities as well as the $190 zone flipped into immediate bullish hurdle after pullback. Due to low volatility, on 09 December United Parcel Services stock closed bearish at $177.64 mark.
The weekly price closing occurred close to support the trendline of rising parallel channel so buyers should be aware of upcoming week because it assumes that Fed will increase its policy rate by 50 points to 4.25%-4.50%. Meanwhile, trading volume seems higher than average volume. Conversely, the On-Balance-Volume constantly decreases down in the context of daily price charts.
Investors have a weak point at the 200 day moving average on a daily basis. Resulting in, bears dragged asset prices lower than 100 and 20 DMAs. Now the 50 DMA is remaining below the current price of United Parcel Services stock.
The RSI indicator is reflecting more downward momentum as its peak failed to stay above the 50 mark. In addition, the MACD already generated the bearish crossover last week.
The NYSE: UPS stock price is often denied by sellers closer to the 20 day moving average. As of now, bulls must hold the share price above 50 DMA for accumulation.
Support level – $170 and $155
Resistance level – $190 and $200
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