FedEx Corp (US: FDX) steady rise had come to a halt in December after meeting our target price based on our report dated 16^th November 2020. Recent technicals indicate that the stock is looking at another upside after a long bout of correction for more than a month:

1. The wave analysis indicates that the stock has completed the intermediate impulse wave. Hence, we are buying in response to the larger corrective upside of wave B.
2. Looking at price action, FedEx has formed a potential inverted head and shoulder. Should prices break US$260.00, then the probability of completing the inverted head and shoulder will increase.
3. Although Ichimoku is showing a downtrend as prices are still trending below the Kumo, the first signal of the three golden crosses has formed after the Tenkan-Sen and Kijun-Sen has formed a golden cross. Next up, the Senkou-Span A is beginning to slope up.

*Timeline of the trade is 3 weeks from the date issued.

*Should US$260.00 fails to break, the next support zone to be tested for a rebound will be at US$240.66-US$243.42.

CHART LEGENDS

Ichimoku Kinko Hyo

Red dotted line = 9 Periods Tenkan-Sen

Blue dotted line = 26 periods Kijun-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line