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Ecommerce Growth Name Forms High Tight Bull Flag

by | May 28, 2024

Coupang (CPNG) shares of the Ecommerce growth name are holding up extremely strong in a high tight bull flag and closed +2% Tuesday in a sloppy market. CPNG held a small dip to its 21 day and monthly POC in the past week at 22.25 and now looks ready to see follow-through higher above the recent 6-week range that has worked off some overbought conditions. A break above 23.50 should carry prices up to the 25 level with potential to see the upper Fibonacci extension near 25.40. CPNG is a large holding for Druckenmiller and has seen June $22.50 calls continue to hold over 12k in open interest while also recent buyers of 4000 August $21 calls and the opening seller of 1200 July $24 ITM puts at $1.53.

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