FDX surges, gaining $13.63 (5.76%) within a single day on high volume


FedEx Corporation (FDX) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

FDX surges $13.63 (5.76%) after posting strong earnings
FDX soars, gaining $13.63 (5.76%) within a single day on high volume
FDX rises to highest close since September 17, 2018
FDX closes higher for the 4th day in a row
FDX ends the day indecisive

Overview

Moving higher for the 4th day in a row, FDX finished Wednesday at 250.30 surging $13.63 (5.76%) on high volume, significantly outperforming the S&P 500 (-0.46%) following Tuesday's earnings report. This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on September 11th, FDX gained 1.52% on the following trading day. Today's close at 250.30 marks the highest recorded closing price since September 17, 2018. 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 Sep 16, 2020):

Daily technical analysis candlestick chart for FedEx Corporation (FDX) as at Sep 16, 2020

FDX reported earnings of $4.87 per share after Tuesday's market close. With analysts having expected an EPS of $2.6, FedEx Corporation topped market expectations by 87.3%. The company's last earnings report was released on June 30, 2020, when FedEx Corporation reported earnings of $2.53 per share surpassing market expectations by 79.4%.

Wednesday's trading range has been $9.84 (3.89%), that's far above the last trading month's daily average range of $6.61. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FDX.

One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.

Crossing above the upper Bollinger Band for the first time since Monday, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 223.12 or signal the beginning of a strong momentum breakout leading to even higher prices.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for FedEx. Out of 226 times, FDX closed higher 50.00% 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 61.06% with an average market move of 0.71%.


Market Conditions for FDX as at Sep 16, 2020

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