Coupang Extends Losses to 1.16% as Technical Indicators Signal Bearish Pressure

Coupang (CPNG) declined 0.67% in the most recent session, extending its losing streak to two consecutive days with a cumulative 1.16% drop over this period. This analysis evaluates CPNG's technical positioning through multiple frameworks.
Candlestick Theory
Recent candlesticks exhibit bearish signals near key resistance. The August 14 session formed a shooting star pattern (high: $28.80, close: $28.33) after the August 13 rally, suggesting exhaustion. This was confirmed by the subsequent two-day decline. Critical support resides at $27.65 (August 11 low), while resistance is established at $28.80 (August 14 high). A close below $27.65 would signal breakdown potential, whereas surpassing $28.80 could invalidate the bearish pattern.
Moving Average Theory
The 50-day SMA ($28.50), 100-day SMA ($27.90), and 200-day SMA ($25.80) reveal mixed trends. The price currently trades below the 50-day SMA but above the longer-term averages, indicating intermediate-term consolidation. The 50-day SMA has flattened, reflecting lost near-term momentum. However, the sustained bullish alignment of the 100-day SMA above the 200-day SMA maintains a positive long-term bias. Recent failures to hold above the 50-day SMA (notably on August 6) highlight this zone as directional pivot.
MACD & KDJ Indicators
MACD (12,26,9) shows a bearish crossover occurring on August 6, with the histogram remaining negative but narrowing, suggesting moderated downside momentum. KDJ (9,3,3) registers at K:28/D:36/J:14, approaching oversold territory but without bullish crossover confirmation. A notable divergence exists: price established a lower low on August 11 relative to early August, while KDJ printed a higher low, implying weakening downward momentum that warrants monitoring.
Bollinger Bands
Price action near the lower band ($27.95) on August 15 coincides with contracted bandwidth (20-period, 2σ), indicating compressed volatility. This compression following the early August volatility expansion suggests impending directional resolution. A sustained close below the lower band may accelerate selling, while mean-reversion toward the middle band ($28.50) could occur if support holds.
Volume-Price Relationship
Recent declines show diminishing volume conviction. The August 6 sell-off occurred on 29.18M shares versus the 6.98M shares during the latest session's drop, suggesting reduced bearish enthusiasm. The August 13 advance on 11.05M shares (above 30-day average) lacked follow-through, creating a negative volume divergence. This volume profile implies that breakdowns below $27.65 would require volume confirmation for sustainability.
Relative Strength Index (RSI)
The 14-day RSI reads 43, exiting oversold territory after dipping below 30 in early August. While not signaling overbought (>70) or oversold (<30) extremes currently, a bullish divergence is notable: the RSI formed higher lows as price established lower lows between August 1-11. This divergence suggests weakening downside momentum, though the sub-50 reading maintains a bearish near-term bias pending reconfirmation above the midline.
Fibonacci Retracement
Applying Fib levels to the July 28 high ($30.50) to August 11 low ($27.65) swing reveals critical thresholds. The 38.2% retracement ($28.68) capped rallies on August 14, while the 50% level ($29.08) aligns with the July 30 resistance. The 23.6% retracement ($28.10) now acts as immediate support. Confluence exists between the 38.2% Fib and the 50-day SMA, strengthening this resistance zone's significance.
Confluence Summary
Multiple indicators align at key levels: the $27.65 support converges with the lower Bollinger Band and the August 11 swing low, making it critical for bearish continuity. Resistance at $28.68-$28.80 combines Fibonacci, SMA, and recent price structure barriers. Divergences in RSI and KDJ hint at waning bearish momentum, though MACD's bearish crossover and volume deficiencies on rallies necessitate caution. A confirmed break below $27.65 could target the 100-day SMA ($27.90), while sustained trade above $28.80 would shift near-term bias positive.