Technical Analysis of Financial Markets

Saturday, September 02, 2006

FedEx Corp. (FDX)

FedEx seems as if it is forming a bullish Double-Bottom pattern. The two-month downtrend which began in early July seems to have been broken; today saw a breakout which may signal a bullish trend reversal. Surpassing resistance at $105 will confirm the Double-Bottom pattern setting up a price target of $110. It may be worth noting that the 200-moving average has crossed above the 50-day moving average--known as a “Death Cross”; since long-term indicators carry more weight, this may indicate a bearish signal.

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