Logistics firm FedEx Corp. (FDX) is scheduled to report its latest quarterly figures after the close of trading Thursday. Let's check on the condition of the charts and indicators to see if we should make any recommendations today.
In our March 30 review of FDX we wrote that, "The price of FDX has moved up sharply and a pullback is likely, maybe even a retest of the early March low around $200. I may be in a rush to get my packages delivered but I try to be patient when buying stocks. Traders should remain patient and let's see if we get another pullback to buy."
In our June 14 review we commented that "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."
How do the charts look now?
In the daily bar chart of FDX, below, we can see that the shares have made two sharp downside tests since the early May low. Prices have rebounded each time and are now trading above the rising 50-day moving average line and are testing the 200-day line.
The On-Balance-Volume (OBV) line shows improvement in June and that is a positive development. The Moving Average Convergence Divergence (MACD) oscillator is now above the zero line in bullish territory.