FedEx Corp. (FDX) as well as other Logistics Companies have
been one of the major beneficiaries during these recent economic conditions
caused by the Coronavirus.
In looking at the Candlestick chart, we see the shares
bottomed in Mid March from the Pandemic induced market bottom at approximately
$100 share and have been one of the stronger names to recover since that time.
After a very brief pullback in October, the shares have regained traction and
have made even higher highs.
With the Christmas season upon us many of these
Logistics Companies anticipate a very busy month with more consumers shopping
online and having their packages shipped. It will be interesting to see going
forward if this theme can continue and the shares remain strong going forward.
The last time we looked at FedEx Corp. (FDX) was in the Aug
10th edition of the Daily Stock Report when we commented it had already advanced
17.1% since entering the Favored Zone of the SIA S&P 500 Index report at a
price $156.66 on July 1st . Today we see the shares have continued to remain in
the Favored Zone with a closing price of $285.73 which now translates to a
82.4% price appreciation since the beginning of July.
In looking at the 2% Scale on the Point and Figure chart we
see the shares have made new all-time highs. Support can be found at its 3 Box
Reversal of $272.92 and, below that, $257.18. To the upside, resistance can be
found at $319.77 and, above that, the $350.00 round number area.
With an SMAX score of 8 out of 10, it is still exhibiting near
term strength against most asset classes.
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