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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 $178.46 and $179.12 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.

There is potential upside of 59.1% for shares of Fedex Corp based on a current price of $179.08 and an average consensus analyst price target of $284.96. Fedex Corp shares should encounter resistance at the 200-day moving average (MA) of $217.12 and support at the 50-day MA of $176.58.

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.

Fedex Corp share prices have moved between a 52-week high of $266.67 and a 52-week low of $150.94 and closed yesterday at 19% above that low price at $179.08 per share. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.8%.

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