Shares of shipping and delivery service company FedEx (FDX) have been trucking higher and higher since the end of September. Let's review the charts again. In my June 20 review I was bullish but noted that "FDX might pull back into the $230-$220 area. Stay nimble."
Let's check again.
In this daily bar chart of FDX, below, I can see that prices have broken out to new highs for the move up after a 2-1/2 month consolidation pattern. Prices trade above the rising 50-day moving average line. The 200-day moving average line is just now turning upwards.
The On-Balance-Volume (OBV) line looks like it will strengthen further. The Moving Average Convergence Divergence (MACD) oscillator has turned upwards for a fresh outright buy signal.
In this weekly Japanese candlestick chart of FDX, below, I see a positive move underway. Prices trade higher above the now rising 40-week moving average line. The weekly OBV line shows us a slow rise from September. The MACD oscillator is bullish.
In this daily Point and Figure chart of FDX, below, I can see an upside price target in the $279 area.
In this weekly Point and Figure chart of FDX, below, I can see a price target in the $282 area.
Bottom line strategy: Traders could go long at current levels risking to $225 for now. The $279-$282 area is my price target for now.
