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Possible Bullish Inside Day Candle Pattern Detected for FedEx (NYSE:FDX)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in FedEx (NYSE:FDX) based on the price action in the company's shares. Yesterday's price range of $159.35 and $160.80 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. Traders and investors interested in shares of FedEx may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, FedEx share prices have been bracketed by a low of $119.71 and a high of $185.19 and closed yesterday at $160.61, 34% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.6%.

FedEx has overhead space with shares priced $160.61, or 12.6% 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.

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

Keywords: bullish am inside day candle FedEx

Ticker(s): FDX