After making a 52 week high at 79.40
back in November 2005, United Parcel Service (NYSE: UPS) dropped a bit, consolidated, then began its
trek higher. There was some resistance at the previous 52 week high level,
but UPS managed to push through and continued higher. That said, the stock has
been negatively affected by the recent market sell off along with the majority
of the stocks in the marketplace.
UPS has held very strong at the resistance
turned support level of 79.40. The stock is sitting just above the support level at the moment, and today's price
action should give us a good idea as to whether support will hold.
Happy Trading,
Andy Swan
co-founder, DaytradeTeam
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