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Fedex Corp (FDX) - July 10, 2023

FedEx (FDX) has been trending upward within the SIA S&P 500 Index Report since September. On Friday, FDX returned to the Green Favored Zone bouncing back from a two-month dip into the Yellow Zone. Yesterday it finished in 123rd place up 3 spots on the day and up 27 positions in the last month. Last September, a downtrend in FedEx (FDX) shares came to an end in a big selloff on big volume that ended up being the final flush and final shakeout of weak hands. Since then, the shares have been under accumulation, steadily advancing, establishing a new uptrend of higher lows, and snapping out of their old downtrend. Last month, FDX completed a bullish Ascending Triangle base with a breakout over $230.00, and has rallied up above $250.00 to trade at its highest level since early 2022.

Potential upside resistance tests on trend appear at the summer 2021 peak near $290.00, the $300.00 round number, and $320.00 based on a measured move. Initial support appears near the $230.00 breakout point.

FedEx (FDX) shares have been on the rebound since last October, and in particular since April when they completed a bullish Double Top and a Bullish Catapult with a breakout over $210.00. For the last three months, the shares have consistently advanced without even a 3-box correction, snapping a downtrend and extending a bullish High Pole by advancing to their highest levels since early 2022 and closing above the $250.00 round number.

Initial upside resistance appears near $277.50 where vertical and horizontal counts and a previous high cluster, followed by the June 2021 peak near $306.40. Initial support appears near $227.65 based on a 3-box reversal.

With a bullish SMAX score of 9, FDX is exhibiting strength against the asset classes.

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