Coupang Jumps 3.37% On Bullish Technicals As Support Holds Firm

Coupang (CPNG) shares closed at $29.8121, gaining 3.37% in the latest session on elevated volume, suggesting renewed buying interest near key support levels.
Candlestick Theory
Recent price action shows Coupang forming a bullish engulfing pattern on 2025-06-26 after testing the $28.82 support area. This reversal signal coincides with a prior doji (2025-06-25) near $28.61, indicating indecision before the upside move. Strong resistance persists at $30.00 - evidenced by multiple upper wicks near this level throughout May and June. Support remains firm between $28.50-$28.80, where several reaction lows and hammer candles have formed, including during the current month.
Moving Average Theory
The 50-day moving average ($27.75) crossed above both the 100-day ($26.80) and 200-day ($24.90) averages in late May, confirming a bullish long-term structure. Current price ($29.81) trades above all three moving averages, supporting the uptrend. The rising 50-DMA has recently acted as dynamic support during pullbacks, while the 200-DMA slope turned positive in April, reinforcing the primary trend. The gap between shorter and longer-term averages continues to widen, signaling sustained upward momentum.
MACD & KDJ Indicators
MACD (12,26,9) shows a narrowing histogram above the signal line, suggesting potential momentum deceleration despite the bullish crossover established in early June. KDJ readings are elevated, with the %K line (86) crossing above %D (78) in the overbought territory (>80) – typically indicating strong momentum but also raising near-term exhaustion risks. While MACD hints at fading upside strength, the overbought KDJ aligns with the recent surge, creating a mixed short-term signal.
Bollinger Bands
Price is testing the upper Bollinger Band (~$29.95) after the band width contracted significantly in mid-June, reflecting reduced volatility before the current expansion. This squeeze resolution to the upside favors continuation patterns. Closing definitively above the upper band requires confirmation, as it could signal an overheated move. The middle band (20-period SMA at $28.45) now serves as crucial support, having contained multiple pullbacks this month.
Volume-Price Relationship
The latest upsurge was validated by volume 233% above the 20-day average, demonstrating conviction. Notable accumulation occurred near $27.50-$28.00 in late May, where multiple high-volume green candles formed. However, volume on rallies has generally been lower than during the March-April breakout, warranting caution about trend sustainability. The recent breakout above $29.00 lacked commensurate volume expansion compared to the late-May surge, creating a minor divergence.
Relative Strength Index (RSI)
Daily RSI(14) stands at 65 – above neutral but below overbought thresholds. This positions Coupang with moderate bullish momentum and room for additional upside before technical exhaustion. The indicator has consistently respected the 40-45 support zone during healthy pullbacks since the primary uptrend established itself in April. RSI divergence is absent as the indicator's recent higher lows align with ascending price lows.
Fibonacci Retracement
Applying Fibonacci to the swing low of $20.06 (2025-04-04) and high of $30.035 (2025-06-26), key retracement levels emerge. The 38.2% level ($26.05) marked the late-May consolidation floor. The 61.8% retracement ($30.40) aligns precisely with the psychological $30.00-$30.50 resistance zone, creating significant technical confluence. Recent rejections near $30.00 suggest sellers defend this critical Fib extension level. Downside support is now concentrated at the 23.6% level ($28.45), reinforcing the candlestick-identified support zone.
Confluence & Divergence
Significant confluence exists at the $30.00 level, combining: 1) Psychological resistance, 2) Upper Bollinger Band, 3) 61.8% Fibonacci retracement, and 4) Prior price rejection points. Divergence appears between MACD's decelerating momentum histogram and the overbought KDJ reading, coupled with lackluster volume on the latest advance above $29.00 compared to earlier rallies. The bullish candlestick reversal patterns near $28.60 and moving average alignment counterbalance this, creating a technical tension that warrants monitoring for resolution near $30.00.