New Price Targets for Coupang Ahead of Expected Upside Breakout
The largest online retailer in South Korea has seen a price rally and is knocking on new highs. Here's a target for investors.
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Coupang CPNG is the first marketplace and largest online retailer in South Korea. The stock price has rallied since early February and is knocking on new 52-week highs.
Let's check out the charts.
In this daily bar chart of CPNG below, I can see that prices are trading above the bottoming 50-day moving average line and above the rising 200-day line. The trading volume was very active from February to May when CPNG rallied strongly. The On-Balance-Volume (OBV) line has been strong since February. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of CPNG below, I can see a well-developed base pattern. CPNG has made higher lows since early 2022. Prices trade above the rising 40-week moving average line. The weekly OBV line has been a choppy affair but shows strength from March of this year. The MACD oscillator is above the zero line and in a bullish setup.
In this daily Point and Figure chart of CPNG, I can see an upside price target in the $30 area. A trade at $24 will refresh the uptrend.
In this weekly Point and Figure chart of CPNG below, I used a five-box reversal filter. Here, the software suggests a price target in the $45 area.
Bottom line strategy: Traders and investors could go long CPNG at current levels risking to $20.50. $30 and then $45 are my upside price targets.
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