We last visited with the charts on August 10 where we wrote that traders should "Continue to hold long positions recommended back on July 1. Raise stop protection to a close below $169 from below $150. The $231 area is our new and slightly higher price target."
Now that prices have reached $231 and exceeded our price target a fresh look at the charts is in order.
In the updated daily bar chart of FDX, below, we can see that prices are in a strong uptrend above the rising 50-day moving average line and the rising 200-day moving average line. The reason I call this a strong uptrend is because the corrections have been within the pattern of rising prices. The corrections have not been sideways and they have not been to the downside. Pretty amazing.
The On-Balance-Volume (OBV) line has been strong since May and has reached new highs to confirm the new price highs. The trend-following Moving Average Convergence Divergence (MACD) oscillator is well above the zero line and not diverging from the price action though it has crossed to a take profits sell signal.