Fedex Corp. $FDX was in a bearish continuation breakout. I think it will subsequently slide towards a support pivot around $121.FDX Daily Chart(click to enlarge)Bears in Charge:- Fedex Inc. entered 2019 in a bearish trend.- Since then, it has been in consolidation mode. - However, throughout this consolidation phase, price held under the 200-day simple moving average (SMA). It still is.- This reflects a bearish bias.- Not only that, price just broke below a support area around $150 last week. - Relatively strong volume accompanied this bearish break.- As we can see on the weekly chart, the next support/resistance pivot will be in the $120 area. - I would not consider a buy until price falls into that $120-$130 area. - If we see a rebound, I would suspect resistance around $160. Holding under $160 would be a strong bearish continuation signal towards this $120-$130 area. FDX Weekly Chart(click to enlarge)