FDX dominated by bulls lifting the market higher throughout the day


FedEx Corporation (FDX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

FDX dominated by bulls lifting the market higher throughout the day
FDX runs into sellers again around 127.00
FDX stuck within tight trading range
FDX closes within previous day's range

Overview

FDX finished Thursday at 125.60 gaining $7.29 (6.16%) on low volume, slightly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (FDX as at Mar 26, 2020):

Daily technical analysis candlestick chart for FedEx Corporation (FDX) as at Mar 26, 2020

Thursday's trading range has been $7.99 (6.69%), that's slightly below the last trading month's daily average range of $9.07. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FDX. Prices continued to consolidate within a tight trading range between 114.93 and 127.00 where it has been caught now for the last three trading days.

One bullish candlestick pattern matches today's price action, the White Candle.

After having been unable to move above 126.94 in the prior session, FedEx ran into sellers again around the same price level today, missing to move higher than 127.00. The last time this happened on March 18th, FDX actually gained 12.04% on the following trading day.

Although the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for FedEx. Out of 550 times, FDX closed higher 55.27% 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 57.09% with an average market move of 0.36%.


Market Conditions for FDX as at Mar 26, 2020

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