FedEx Corp. - (FDX) - April 4, 2023
FedEx (FDX) started clawing its way back up the rankings in the SIA S&P 100 Index Report last October, slowly at first down deep in the red zone and then accelerating in February. Yesterday, FDX returned to the Green Favored Zone for the first time since August, finishing in 25th position, up 3 places on the day and up 19 spots in the last month.
Since bottoming out back in September, FedEx (FDX) shares have been under renewed accumulation, steadily recovering lost ground in a Rising Channel of higher highs and higher lows. Along the way, FDX has climbed back above its 50 and 200-day moving averages, which completed a bullish Golden Cross last month, and the $200.00 level. More recently, the shares have snapped a downtrend line, completed and built upon a breakaway gap, and yesterday, regained $225.00 for the first time since last summer.
Previous highs and lows suggest potential resistance tests on trend may appear near $245.00. $260.00 and $275.00. Initial support has moved up toward $215.00.
FedEx (FDX) has been under accumulation since October and its technical picture continues to improve. A January rally was followed by only a moderate correction of 4 rows, not enough for a high pole warning, and with the shares staging a second bullish Double Top breakout, they have also completed a Bullish Catapult. FDX also snapped a downtrend line yesterday, confirming that a recovery trend is underway.
Vertical and horizontal counts converge near $279.05, suggesting the potential for resistance there, with possible tests along the way at previous column highs near $247.80 or $262.95, along with the $250.00 round number. Initial support appears at near $207.35 based on a 3-box reversal.
With a bullish SMAX score of 6, FDX is exhibiting strength against the asset classes.
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