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BZ Chart Of The Day: UPS Hits A Wall (Of Sellers)

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BZ Chart Of The Day: UPS Hits A Wall Of Sellers

Shares of United Parcel Service, Inc. (NYSE: UPS) are soaring after posting better-than-expected earnings. But could the rally end soon?

Shares hit resistance around the $217.50 level. Resistance is a large concentration of sellers who are all trying to sell shares at or close to the same price.

At resistance levels, there is more supply than there is demand for the stock. This is why rallies end when they reach them.

Back in May when UPS reached this level, the resistance put a top on the price and a downtrend followed. If it can’t break through, there’s a chance it heads lower as it did then.

To learn more about reading charts check out the new Benzinga Trading School.

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