FedEx Corp. - (FDX) - May 4, 2021
FedEx (FDX) has returned to the Green Favored Zone of the SIA S&P 100 Index Report from a short dip into the yellow zone. Yesterday, FDX moved up two spots to 24th place.
A major breakout is underway in FedEx (FDX) shares. Since December, the shares have been trending sideways, consolidating gains made in an advance that snapped the shares out of a previous two-year downtrend and carried them all the way back up to new highs.
Following an initial correction, the shares have come under renewed accumulation with higher lows between $235 and $295 forming a bullish Ascending Triangle. This week, the shares have completed the triangle, breaking out to a new all-time high above $300 and signaling a new advance has commenced. Based on a measured move from the triangle, initial upside resistance appears near $355, just above the $350 round number. Initial support appears between $285 uptrend support and the $295 breakout point.
Coming off of a six-month rally which started with the snapping of a downtrend line last June, and ended at a new all-time high in December, FedEx (FDX) shares staged a correction retreat into February. Since then, the shares have been bouncing back. Yesterday, they broke out to a new all-time high above $300.00, completing a bullish Double Top pattern, confirming that accumulation has resumed and signaling the start of a new upleg.
Initial upside resistance appears near $338.50 where vertical and horizontal counts align, then $373.70 based on a vertical count Initial support appears near $277.65 based on a 3-box reversal.
With a bullish SMAX score of 9, FDX is exhibiting near-term strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.