FDX breaks back above 20-day moving average
FedEx Corporation (FDX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FDX finished the month 7.4% higher at 140.22 after gaining $5.67 (4.21%) today on high volume, strongly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (FDX as at Jun 30, 2020):
Tuesday's trading range has been $5.39 (3.96%), that's above the last trading month's daily average range of $4.62. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for FDX.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
FedEx managed to close back above the 20-day moving average at 137.44 for the first time since June 23rd. When this moving average was crossed above the last time on May 26th, FDX gained 4.50% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for FedEx. Out of 141 times, FDX closed higher 55.32% 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 56.74% with an average market move of 0.70%.