Possible Bearish Inside Day Candle Pattern Detected for FedEx (NYSE:FDX)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in FedEx (NYSE:FDX) based on the price action in the company's shares. Today's price range of $176.47 and $177.25 is within yesterday'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
In the past 52 weeks, FedEx share prices have been bracketed by a low of $119.71 and a high of $185.19 and are now at $176.47, 47% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has remained constant.
FedEx has overhead space with shares priced $176.47, or 4.0% below the average consensus analyst price target of $183.73. The stock should discover initial support at its 50-day moving average (MA) of $157.68 and subsequent support at its 200-day MA of $151.75.
FedEx Corp. delivers packages and freight to multiple countries and territories throught 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 monitoring the recent change of momentum in FedEx. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of FedEx in search of a potential trend change.
Keywords: bearish inside day candle FedEx