Since we last mentioned FedEx (FDX) in the July 2nd issue of the Daily Stock Report, the shares have continued to climb within the Green Favored Zone of the SIA S&P 500 Index report and have advanced 17.1%, compared with a 7.5% gain for the index over the same time frame.
FedEx (FDX) broke out over $175.00 last week confirming its recovery trend continues. Next potential resistance levels on trend appear near $195.00 then the $200.00 round number and $220.00 where two resistance lines converge. Initial support moves up toward the $175.00 breakout point.
Since snapping out of a downtrend in July, Fedex (FDX) shares have continued to steadily advance, driving through previous points of resistance on its way toward $183.50. Next potential upside resistance tests appear at a previous high near $195.90, then the $200.00 round number, $207.90 based on a vertical count, and $220.65 based on a horizontal count. Initial support appears near $167.20 based on a 3-box reversal.
With a perfect SMAX score of 10, FDX is exhibiting near-term strength across the asset classes.
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