Sunday, July 26, 2015

FedEx: Reversal or Consolidation for the Next Leg Up?

Let's look at the weekly chart of FedEx:

After recovering from the financial crisis low of 2009, FedEx formed a massive 3-year continuation Head & Shoulders Bottom that launched the current uptrend.

Next is the daily chart:

FedEx has formed a textbook rectangle and its stock price is at the crucial 164 support level. A decisive close below 164 would complete a reversal rectangle with a price target of around 144. Of course, FedEx can bounce from the 164 support level and the rectangle become yet another continuation pattern that starts yet another uptrend. Stay patient and follow the trend rather than anticipating or predicting the coming move.

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