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E-Commerce Growth Name Building Strong Bullish Breakout Pattern

by | Jun 12, 2023

Coupang (CPNG) shares are seeing a bullish MACD cross higher to start the week and a bull candle closing on highs Monday as price tries to clear a small trendline above 16.50. CPNG has formed a nice bullish flag coiling on top of YTD VWAP and inside monthly value. A move above 16.85 can see a breakout take shape up to a first target of 18 and then possibly starting a new uptrend towards the 20-21 region which is near the late 2022 highs. CPNG is a internet retailer in Korea seeing double digit growth and recently Viking Global opened a large stake with 7.42M shares bought in the past quarter.

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