FDX pushes through key resistance level

FedEx Corporation (FDX) Technical Analysis Report for Apr 16, 2018

Highlights

FDX pushes through key resistance level
FDX dominated by bulls lifting the market higher throughout the day
FDX pushes through 100-day moving average
FDX closes higher for the 3rd day in a row
FDX ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 62% Bullish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, FDX ended Monday at 250.03 gaining $5.54 (2.27%). Today's closing price of 250.03 marks the highest close since March 20th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 246.95, the market confirms its breakout through the previous session's high having traded $4.13 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for FDX

Volatility

Monday's trading range was $5.46 (2.22%), that's slightly below last trading month's daily average range of $6.12. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking through the key resistance level at 247.20 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 253.94.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The share managed to break above the 100-day moving average at 246.35 today for the first time since March 9th.

Order Flow

Further buying might move prices higher should the market test March's close-by high at 258.00.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for FedEx Corporation

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Latest Report:

FDX closes within previous day's range

Sep 21, 2018
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