Coupang, Inc. (CPNG) is a South Korea-based e-commerce company founded by Bom Kim back in 2010 and it got a favorable nod by a sell side firm Friday. Let's check out the charts and indicators.
In this daily bar chart of CPNG, below, we can see that prices were cut from $45 per share to only $10 per share. CPNG has turned sideways after a decline and has rallied above the declining 50-day moving average line. The slope of the 200-day line is down and the indicator intersects around $21 or so. The trading volume surged at the March and May lows. The May low has been followed by a higher June low to break the pattern of lower highs and lower lows.
The On-Balance-Volume (OBV) line has moved sideways since the middle of January. The OBV line has been making a large bullish divergence when compared to prices the past few months. The Moving Average Convergence Divergence (MACD) oscillator is close to crossing back above the zero line for a new outright buy signal.
In this weekly Point and Figure chart of CPNG, below, we can see an upside price target in the $22 area.