Daily Stock Report

FedEx Corp. - (FDX) - June 15, 2022

New management and new board members have sparked new interest in FedEx (FDX), particularly yesterday when the shares popped 14.4% after the company announced a 53% dividend increase which was significantly more than what investors were hoping for. This price surge propelled FedEx directly from the red zone to the Green Favored Zone in the SIA S&P 100 Index Report. FedEx had last been in the Green Zone in August of 2021. Yesterday it finished in 23rd place, up 38 positions on the day and up 55 spots in the last month. 

A major breakout is underway in FedEx (FDX) shares. Since April of 2021, the shares had been in a downtrend but since March, FDX has been hammering out a base in the $195-200 area. Yesterday, the shares soared up off that base, staging a breakaway gap upward on big volume, and snapped two downtrend lines, all combining to signal renewed interest and the start of a new uptrend. 

Based on previous highs, initial support may appear near $240 or $260 on trend, along with the $250 round number and $255 based on a measured move. Initial support moves up toward $220. 

FedEx (FDX) staged a major breakout yesterday, completing a bullish Triple Top pattern and snapping out of a long-term downtrend. The shares had been bottoming out since May and had started to form a bullish Ascending Triangle pattern which also completed yesterday. 

Initial upside resistance appears near the $50.00 round number, followed by $269.95 and $298.00 on trend both of which are based on previous column highs and horizontal counts. Initial support appears near $208.65 based on a 3-box reversal. 

The SMAX score for FedEx increased to 5 yesterday, indicating that it is still exhibiting weakness relative to the asset classes but it is now only one position away from a more bullish score. 

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