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Possible Bearish Inside Day Candle Pattern Detected for United Parcel Service (NYSE:UPS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in United Parcel Service (NYSE:UPS) based on the price action in the company's shares. Today's price range of $106.81 and $107.42 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of United Parcel Service may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

United Parcel Service, Inc.(UPS) delivers packages and documents throughout the United States and in other countries and territories. The Company also provides global supply chain services and less-than-truckload transportation, primarily in the U.S. UPS's business consists of integrated air and ground pick-up and delivery network

In the past 52 weeks, shares of United Parcel Service have traded between a low of $87.30 and a high of $120.44 and are now at $106.85, which is 22% above that low price. The 200-day and 50-day moving averages have moved 0.12% higher and 0.49% higher over the past week, respectively.

Potential upside of 6.5% exists for United Parcel Service, based on a current level of $106.85 and analysts' average consensus price target of $113.81. The stock should find initial support at its 50-day moving average (MA) of $103.41 and further support at its 200-day MA of $100.25.

SmarTrend is tracking the current trend status for United Parcel Service and will alert subscribers who have UPS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle united parcel service

Ticker(s): UPS