Is FEDEX CORP Ready to Break Out of Its Range?

Our stock screener has detected a potential breakout setup on FEDEX CORP (NYSE:FDX). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:FDX.

Analyzing the Technical Aspects

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, FDX scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, FDX has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that FDX is one of the better performing stocks in the market, outperforming 95% of all stocks. On top of that, FDX also shows a nice and consistent pattern of rising prices.
• FDX is one of the better performing stocks in the Air Freight & Logistics industry, it outperforms 100% of 17 stocks in the same industry.
• FDX is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so FDX is leading the market.
• In the last month FDX has a been trading in the 246.05 - 270.46 range, which is quite wide. It is currently trading near the high of this range.

Check the latest full technical report of FDX for a complete technical analysis.

How do we evaluate the setup for NYSE:FDX?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:FDX is 9:

Besides having an excellent technical rating, FDX also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 268.86. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 263.99, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for FDX in the last couple of days, which is a good sign.

How to trade NYSE:FDX?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.