Coupang Technical Levels To Watch
Three sell-side analysts initiated coverage of Coupang Inc. (NYSE:CPNG) Monday: Deutsche Bank with a Hold rating and $46 price target, Mizuho with a Neutral rating and $50 price target and Goldman Sachs with a Buy rating and $62 price target.
Coupang Daily Chart Analysis: The Coupang daily chart above shows there are three key levels to watch.
1. The first key level is $46 — Deutsche Bank's price target. This area may hold as support on the chart because it appears there was resistance near this area.
2. If the stock were to fall below this level, it may not find support until it nears the $42 level.
3. The stock has seen resistance near the $50 level in the past and may hold again in the future.
What's Next: Bullish technical traders would like to see the stock build higher lows up to the higher analyst price targets. The stock being able to reach resistance and break above is a good sign for the future.
Bearish technical traders would like to see the stock fall below the lowest analyst rating of $46 and start to push lower. They would like to see the stock stay below $46 for a period of time before the price may push lower.
CPNG Price Action: Coupang shares were down 3.32% at $45.74 at last check.
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