UPS stock perp on MEXC breaks its 103.67 range and trends to 105.04: long while 104.71 holds

Quick take

United Parcel Service (NYSE: UPS) is the US package delivery and logistics giant, and MEXC lists a USDT-margined UPSSTOCK_USDT perpetual on it. It started trading at 10:00 AM ET today and follows US market hours. The tape has just gone from a sideways morning to a clean uptrend.

Contract and stats

• Max 20x, contract size 0.001 UPS, 0% maker, 0.02% taker.
• Last 105.04 at 1:20 PM ET, up about 1.7% on the day, 24h range 102.15 to 105.09.
• Turnover about 25.8K USDT, open interest 421,388 contracts (roughly 44K USDT).
• Funding -0.0061%, so shorts pay longs a little.

What the 15m candles show

From 10:15 to 12:15 price chopped between 102.8 and 103.67. The 12:30 candle closed at its high of 104.06, breaking that range, and every candle since has made a higher low and a higher close: lows of 103.49, 104.01, 104.45 and 104.71, closes of 104.06, 104.49, 104.72 and 105.04. The latest candle just pushed through to a new 105.09 high.

Bias: LONG

A range that held for about two and a half hours has broken out and has not retested yet, which is why I would only buy pullbacks, not the highs. Dips that hold 104.71 keep the staircase intact, and the 105.09 high is the first level to clear. Invalidation is a 15m close below 104.01, the low of the breakout candle block, which would mean the move was a pop inside the old range.

Brand new contract, thin books, small turnover. Size small. Not financial advice.