FedEx Daily Chart.
FedEx (NYSE:FDX) is surging as the week comes to an end. Solid earnings are providing the spark for this powerful breakout move. FDX began the session with a huge upside gap the lifted the stock well into new 2021 high territory. Volume driving today’s ramp is running very heavy. It’ll mark the heaviest upside trade since Sept. 16, which was also earnings driven.
FDX stalled a bit after we highlighted it last week. The pre-earnings fade that followed was very shallow. With the stock now back on track, we believe a retest of the all time highs ($305.65) is a logical initial target.
On the downside, a close back below $257 would violate this week’s low, sending a clear warning sign that today’s news driven breakout has failed.
Note: We have no position.
You can read Gary S. Morrow's original post here.
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