FDX closes higher for the 3rd day in a row
FedEx Corporation (FDX) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FDX ended Wednesday at 171.70 gaining $1.04 (0.61%), slightly underperforming the S&P 500 (0.64%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (FDX as at Aug 05, 2020):
Wednesday's trading range has been $2.18 (1.27%), that's far below the last trading month's daily average range of $3.61. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for FDX.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on Monday, FDX actually gained 0.85% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 174.50 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 167.99 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for FedEx. Out of 782 times, FDX closed higher 54.73% 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 60.10% with an average market move of 0.85%.