FedEx (US: FDX) performance in the pandemic stricken world has performed unexpectedly well. The upside has already surpassed the moves in 2019 and based on the technical, FedEx is poised to reach higher:
- The strong upside was marked by the exponential extended 3rd wave where by the stock terminate at the maximum target at 423.6% expansion level of wave (1)-(2). As such, we are looking a possible expanded corrective flat forming.
- Price action indicate further upside as the morning star formation closes above the 50.0% Fibonacci retracement level of sub-wave (iv)-(v).
- Prices are trending above both the 50 and 200-day moving.
*Timeline of the trade is 3 weeks from the date issued.
CHART LEGENDS
Moving Average
Red dotted line = 200-day moving average
Blue dotted line = 50-day moving average
