UPS Head & Shoulders Pattern Breakdown

UPS (United Parcel Service) was pointed out as a potential short a few weeks ago when the FDX short trade hit its price target. UPS has clearly broken down below support today & will likely see one or both of these support levels (88.60 & 81.90) in the coming weeks/months.

While one could certainly establish a partial or full short position here, my preference will be to wait for a possible backtest of the neckline before shorting UPS. If that does occur, UPS will likely be added as an official short trade idea but for now, I just wanted to share this "unofficial" trade idea for those interested.

2017-03-08T21:20:07+00:00 Jan 7, 2016 2:06pm|Categories: Uncategorized|Tags: |Comments Off on UPS Head & Shoulders Pattern Breakdown