FedEx Prepping for a Move

In a post on May 6, I noted that FedEx (FDX) had been underperforming its international shipping competitor United Parcel Service (UPS) and could be preparing for a catch-up move.

The stock price had stabilized at a key support level on the weekly chart and taken out short-term resistance on the daily chart. A long trade was triggered at the close that day and the stock rallied 5.3% over the next two days. The momentum was abruptly halted near the first level of gap resistance and, as shares have since consolidated in a small declining wedge pattern, the technical underpinnings for a second short-term rally may be forming on the daily chart....209 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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