FedEx (US: FDX) is on track to the upside and based on the report on 30th of October 2020, we are still on track to the final leg of wave (b):
The formation of the pennant indicate the strong continuation upside for Fedex Corp.
Prices respected the 50-day moving average for the 2nd time and the bullish candle on last Friday before it closes for the week is in reaction to the previous day pin bar.
Target resistance zone between US$302.20 and US$316.62 is a strong attraction target for wave (b).
Fedex is in a strong uptrend as exhibit by trending above 50-day and 200-day moving average.
*Timeline of the trade is 3 weeks from the date issued.
About the author
Chua Wei Ren Technical Analyst Phillip Securities Research Pte Ltd
Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.