Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

Anticipating Support for Fedex Corp (FDX)

Fedex Corp. has been retreating since making a new high on the year at 220. Let's take a look at the chart. 

Fedex (FDX) Daily Chart

(click to enlarge)

Bullish:
- The first observation is that FDX has been bullish since at least 2016 where it bounced off lows around 120.
- There was a period of consolidation at the turn of the year until May/June when price surged to 220.
The Correction:
- As we watch the current bearish correction, we are seeing price stall right above a previous support pivot at 205.50.
- Note that the RSI is right at 40. If the market is bullish, we can anticipate the RSI turn up from 40. 
- I think there could be some further downside within the overall bullish mode. 
- But I would not look below 200, simply as a respect to the prevailing uptrend. The rising trendline from 2016 could be a major support factor.
 -So, I think here around 205.50, we can anticipate bullish pivot. But if price extends lower, we can anticipate support again around 200.