During Monday's "Mad Money" program, a called asked host Jim Cramer during the Lightning Round segment about Coupang (CPNG) .
"I like the company, but it is speculative," said Cramer about the South Korean e-commerce firm. Let's check out a couple charts.
In this daily Japanese candlestick chart of CPNG, below, we can see that prices have weakened since going public in March. CPNG is trading below the declining 20-day and 50-day moving averages. Trading volume has been light, but the trend of the On-Balance-Volume (OBV) line has been down. This tells us that sellers of CPNG have been more aggressive.
The 12-day price momentum study does not show us a bullish divergence at this time.
In this daily Point and Figure chart of CPNG, below, we can see a potential downside price target in the $32 area.
Bottom line strategy: We do not have a lot of price history to work with on CPNG, but what we have so far is bearish. Avoid the long side of CPNG for now.
