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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 $227.33 and $231.49 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 (NYSE:FDX) has potential upside of 25.3% based on a current price of $227.50 and analysts' consensus price target of $284.96. The stock should hit resistance at its 200-day moving average (MA) of $240.44, as well as support at its 50-day MA of $227.01.

In the past 52 weeks, Fedex Corp share prices have been bracketed by a low of $207.90 and a high of $274.66 and closed yesterday at $227.50, 9% above that low price. The 200-day and 50-day moving averages have moved 0.1% lower and 0.75% lower over the past week, respectively.

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.

SmarTrend is tracking the current trend status for Fedex Corp and will alert subscribers who have FDX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle fedex corp

Ticker(s): FDX