Fedex $FDX has been bullish since early 2016, rallying from a low then of $122 to a high of $274 and change. This rally has finally come to an end as the market entered consolidation mode in early 2018 after that high. As we can see on the daily chart, overall price action has shifted sideways. But within this consolidation, we are seeing some strong bearish action and might want to anticipate further downside.FDX Daily Chart(click to enlarge)Consolidation Breakdown:- Let's break down the consolidation in 2018 into 3 periods:1) First we had a strong run in late 2017. this surge was then rejected around $274 and the ensuing pullback was very sharp. BUT, despite the sharp pullback, the market held price above the 200-day simple moving average (SMA). This means in early 2018, the rally became exhausted but the market was still neutral-bullish. 2) After the pullback, the market entered a period of sideways consolidation. You can argue it was an ascending triangle because the lows crept up while the resistance stayed around $255.3) Price started to percolate again in early June, but this bullish breakout failed to extend after retreating from $266. The dip has been straight down last week. Price broke below the key support around $240, which involved the 200-day SMA and a rising trendline. Meanwhile, the RSI went back down to 30. Now, the market looks more bearish-neutral than bullish-neutral.Bearish Bias:- I do think FDX has entered a consolidation mode that is turning more bearish.- If price can hold above $230 and climb back above $255 I would be wrong. - But, a break below $230, and a subsequent resistance around $250 would confirm the bearish correction scenario, which would have the $200 mark in sight. - The conservative bearish target would be $220. If price rebounds here, monitor the 250 level for resistance.