Transportation and e-commerce firm FedEx ( FDX) surged higher Tuesday after the company raised their dividend and worked out a board deal with an investment firm. 
Let's check out the charts and indicators.
In this daily bar chart of FDX, below, we can see that prices declined from July to April. A slightly higher low can be seen in May and again another slightly higher low in June. Today prices gapped higher and have broken above the early June highs. FDX is back above the declining 50-day moving average line. The slower-to-react 200-day line intersects just above the market in the $231 area.
The trading volume has been relatively neutral this year and the On-Balance-Volume (OBV) line has also had a neutral or sideways trend suggesting a balance between aggressive buying and selling.
The Moving Average Convergence Divergence (MACD) oscillator has crossed above and below the zero line for several months.
In this weekly Japanese candlestick chart of FDX, below, we can see prices have made a large falling wedge pattern which is close to the apex of the formation. Prices are trading below the declining 40-week moving average line.
The weekly OBV line shows some softness the past five months. The MACD oscillator made an equal low in May versus October even though prices made a lower low. This is a subtle bullish divergence.
In this daily Point and Figure chart of FDX, below, we can see a potential upside price target in the $273 area.
In this second Point and Figure chart of FDX, below, we used weekly price data. Here we can see the same $273 price target as the daily chart above.
Bottom line strategy: Tuesday's trading session is far from over but FDX was trading near the highs of the day suggesting we could see a firm close instead of a weak close. Assuming we have a strong close Tuesday we are likely to get follow-through strength on Wednesday and that could be enough to get FDX moving for a retest of the January highs in the $270 area. Aggressive traders could probe the long side of FDX with a starter position.
