Recently, I noted that $UPS was showing us bearish signals and one of them was the market's reaction to the cluster of moving averages (200-, 100-, and 50-day) as resistance. We also noted how the failure of the RSI to climb back above 60 as a sign that the prevailing bearish momentum was intact. United Parcel Service (UPS) Topping as ExpectedThis price-moving average dynamic already materialized in Fedex $FDX, followed by what we would have anticipated - a bearish swing. FDX Daily Chart(click to enlarge)Bearish Correction:- After a price top, FDX bounced off $210 a share and tested the cluster of moving averages.- It failed to climb back and ended up with a sharp plunge from around $235 to test a key pivot around $184.50 by 12/13.Key Pivot:- Note that this was key resistance in 2015. - Then after price broke above it in late 2016, FDX tested $184.50 area as support in 2017. - This is no doubt a very critical level.- I think we will see some support here, but I would rely on more than a 10-13% bounce towards $200-$210, which is now a key resistance level.Next Support:- If price falls below $184, it opens up the $164-$166 area, which is another support/resistance pivot area going back to 2015.- I think if the general equities market continues to slump, FDX would also be dragged down to this $165 area. - I will be looking for support and considering buying on dip to this area.