FDX finds buyers again around 195.87
FedEx Corporation (FDX) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
FDX finished Tuesday at 197.23 gaining $1.05 (0.54%), slightly outperforming the S&P 500 (0.05%). Today's close at 197.23 marks the highest recorded closing price since December 7, 2018. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FDX as at Apr 16, 2019):
Tuesday's trading range has been $2.70 (1.38%), that's below the last trading month's daily average range of $3.37. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FDX.
After having been unable to move lower than 195.55 in the prior session, the market found buyers again around the same price level today at 195.87. The last time this happened on April 9th, FDX gained 0.55% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for FedEx. Out of 501 times, FDX closed higher 54.49% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.89% with an average market move of 0.46%.