Chart of the Week: FedEx
Today we are going to be discussing big transport name FedEx; symbol FDX. Let’s take a look at the chart.
Not the greatest looking bullish chart, but more recently we’re seeing some really nice price action here. And you can see, the trend line here has been up higher highs and higher lows.
And we see recently the stock has broke out from some stiff resistance from December and January highs – let’s call it around the $253 mark. Today it is pushing through. Prior to yesterday, it broke past the $253 level on some good turnover.
Now we see a big gap up here, let’s call it $278 – 279, that was a gap down from the last earnings report in December. It’s making an attempt to try and fill that gap. Don’t think it’s going to get filled up before earnings, at least in front of earnings, which are coming out next week. But we certainly see some improvement here.
Some technicals are positive
Now, some of the technical indicators are not real positive on FedEx. But still, we’re seeing some good strength in the RSI, the relative strength, for the past 14 days.
We’re seeing some good money flow as well, too, in the stock. You can see that right here, it’s actually peaked at a higher level than it was back in November and December when the stock was running up higher.
And the MACD – we have it on a buy signal crossover from the middle of February.
We could see some upside
This stock has really improved a lot. It is not certainly screaming bullish here, but I think there is some upside here that can be had on this stock. Maybe up to the $270 level or so, and that would be about another 5% above the current levels right now, about $256 – 257.
FedEx is something to take a look at. Again, they have earnings next week. Gas prices have been coming down lately, and fuel prices for them, too.
We’ll get a clue, actually, into how their holiday period was for 2023. This is the first earnings report for FedEx since that last report. So again, we’ll get a good read on what their deliveries were like during the holidays.
That’s FedEx everyone!
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