NYSE:FDX may be ready to breakout.

Our stock screener has flagged FEDEX CORP (NYSE:FDX) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:FDX for potential movement.

Technical Analysis Observations

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, FDX scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, FDX is only an average performer.

• The long and short term trends are both positive. This is looking good!
• FDX is part of the Air Freight & Logistics industry. There are 17 other stocks in this industry. FDX outperforms 87% of them.
• FDX is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so FDX is leading the market.
• FDX is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• Looking at the yearly performance, FDX did better than 87% of all other stocks. However, this relatively good performance is mostly due to a recent big move.

For an up to date full technical analysis you can check the technical report of FDX

Looking at the Setup

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:FDX is 9:

Besides having an excellent technical rating, FDX also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 266.24. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 263.25, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:FDX?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.