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

By Amy Schwartz

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 $188.24 and $189.74 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 share prices have moved between a 52-week high of $201.57 and a 52-week low of $119.71 and closed yesterday at 58% above that low price at $189.03 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.6%.

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.

There is potential upside of 10.9% for shares of FedEx based on a current price of $189.03 and an average consensus analyst price target of $209.59. FedEx shares have support at the 50-day moving average (MA) of $157.68 and additional support at the 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