Shares of United Parcel Service (UPS) was trading around 120 at the end of 2016, but started to slide in December. Then, price slid to almost 103 by Feb. 2017, and started to consolidate in a range between roughly 103.25 and 109.30. UPS Daily Chart(click to enlarge)Broken Range Support:- The daily chart shows that price failed to push above 109.30 at the end of April, and retreated. - UPS price came down and broke the 103.25 range support, but rebounded before tagging 102.- It's not a very strong or clear breakout. - But, the overall bias is still bearish because the prevailing trend before the range was bearish, and the RSI has tagged below and for the most part held under 60.Central Pivot:- As price approaches the middle part of the range, we should anticipate resistance if the market is indeed still bearish.- This 106-107 area should give the current rebound some resistance. - If that is the case, we should add confidence that price will slide to at least the 100 psychological level, with a common support in 2014 and 2015 around 95 as the next bearish target. - A break above 107 on the other hand would make the bearish breakout look false, which in turn puts pressure on the resistance around 109.30. If price does reach 109.30, I would not rely on resistance.