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

By James Quinn

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 $156.75 and $158.66 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.

Potential upside of 16.4% exists for FedEx, based on a current level of $157.89 and analysts' average consensus price target of $183.73. The stock should find initial support at its 50-day moving average (MA) of $157.68 and further 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.

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 $157.89, 32% 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.

SmarTrend recommended that subscribers consider buying shares of FedEx on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $133.60. Since that recommendation, shares of FedEx have risen 17.1%. We continue to monitor FDX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle FedEx

Ticker(s): FDX