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Possible Bearish Inside Day Candle Pattern Detected for Fedex Corp (NYSE:FDX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fedex Corp (NYSE:FDX) based on the price action in the company's shares. Yesterday's price range of $195.78 and $196.81 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Fedex Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network. The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

Over the past year, Fedex Corp has traded in a range of $150.94 to $266.67 and closed yesterday at $196.18, 30% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has slid 0.3%.

There is potential upside of 45.3% for shares of Fedex Corp based on a current price of $196.18 and an average consensus analyst price target of $284.96. The stock should hit resistance at its 200-day moving average (MA) of $209.53, as well as support at its 50-day MA of $181.95.

SmarTrend is monitoring the recent change of momentum in Fedex Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Fedex Corp in search of a potential trend change.

Keywords: bearish am inside day candle fedex corp

Ticker(s): FDX