FedEx Eyes Multi-Year Highs
FedEx (FDX) is kicking off the week with a solid gain. The transport giant began the session with a gap higher open that lifted shares to fresh rally highs. With just shy of a 2% jump today, FDX is trading well within striking distance of the $98.50 area. This level marked major multi month highs in 2011 with the latest test preceding a massive sell-off last summer. The stock hit a wall at this same area back in February. By last August, FDX had left behind a major double-top and, at the October spike low, was more than $30.00 away from that level. The powerful bull run over the last four months has now nearly recovered all of the damage. FDX is headed for another major test of the key $98.50 area.
FedEx began the second leg of the October rally with a powerful breakout gap in early January. The stock blew through a very heavy layer of supply following its Jan. 10 surge. The high volume 3% jump was a true breakaway move leaving behind a major gap at the $86.00 area. FDX stalled after an 8.5% move as it hit resistance near $93.50. The stock faded very little while tracing out a bullish consolidation. By the first week of February the stock was on the move again taking out the multi-week January highs. The January highs near $93.50 held in well during last week's selling pressure. This level is providing the footing for a test of the 2011 highs....314 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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