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Fan Yang

Fedex Corp. (FDX) Likely To Drop to Next Support Around $121

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)

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