Swing Trade Idea (UPS) – June 22, 2023
Our bearish trade for Thursday, June 22nd is United Parcel Service Inc. (UPS). UPS is part of the Industrial Sector, which has performed at 5.06% over the last month, with MDB underperforming relative to its sector at 1.58% over the same period.
UPS formed a higher low as it is trending lower, and as it is losing strength, we believe that it will continue lower over the duration of this trade. The next support is at $165 and then $150.
As a close, if UPS were to trade above $180 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves above $4.32.
