FedEx Corp. (FDX) has been struggling for a long time now and a strong bottom pattern is nowhere in sight. Let's check out the charts and indicators to see if there are any green shoots to focus on in the weeks ahead.
In the daily bar chart of FDX, below, we can see the decline over the past 12 months. Prices made a peak at $200 last April and touched $90 last month. This is a lesson in not fighting the trend. The slopes of both the 50-day moving average line and the slower-to-react 200-day moving average line are bearish.
The daily On-Balance-Volume (OBV) line has moved up and down with the price action the past year. Trading volume did not surge higher into the March low suggesting to me that this was not capitulation selling. Longs have yet to really throw in the towel.
The Moving Average Convergence Divergence (MACD) oscillator crossed to a cover shorts buy signal earlier in March but it has already begun to narrow suggesting further weakness ahead.