Overall market weakness and real life events such as trucker protests and more can lead to downside trade set ups. In this case, despite UPS's strong earnings, most of that move has been given back. With sentiment shifting towards energy, banks and other defensive stocks. Money is coming out of these, otherwise fundamentally strong, businesses.
FDX has a massive head and shoulders. A smaller one has formed on this right shoulder which can be a trade in and of itself, but for the present I'd like to focus on the larger one.
A head and shoulders is characterized by 3 high peaks, the middle one being the highest of the 3. Traders often enter at a break or retest of the neckline due this being 'confirmation' of the impending downside move. In this chart, we did a fibonacci retracement from the HH (higher high) to the LL (lower low). A clean rejection at the 0.50 fibonacci so far as led to a $36 downside move.
I don't think we're done yet though. I believe we will see at bare minimum: $216 and very possibly even $191.
Hopefully this analysis/breakdown is helpful. Please like and follow!