FDX: Overreaction?

NYSE:FDX   FedEx Corporation
FedEx Corporation

Short Term - We look to Buy at 161.03 (stop at 148.79)

The company gave a bleak outlook for profits and plunged in the premarket by 20% .We are trading at oversold extremes. A move lower faces tough support and we remain cautious on downside potential. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher. A higher correction is expected.

Our profit targets will be 206.12 and 215.00

Resistance: 200.00 / 240.00 / 320.00
Support: 160.00 / 130.00 / 100.00

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