$FDX has had a harsh year:
-From ATH of 274.66 in Jan 2018
-To a short term low of 137.78 in Oct 2019
As you can see, on the monthly chart, we have now touched the (almost) 11-year trend line from 2009:
Transports have been getting the worse end of the stick for a while, and it is right around the holidays - when a lot of shipping happens. I don't want to have a bias either way here yet - but, I can tell you that this is an important zone. You can either expect large buyers to start refueling in this zone, or at least testing the waters.
However, from a fundamental standpoint, $FDX has gotten worse in this time frame - and if large buyers don't step in here, you're likely to see another large down wave.
To zoom in a bit, here is where we are on the weekly:
As you can see, we have touched the (almost) 11-year trend line in a tweezer bottom ever so slightly, and have been looking for direction since in this rectangle.
From this chart, I think it's important to note:
-All 3 of the last large red weekly candles have had the highest volume since 2009,
-2 of these weeks recorded all-time high volumes
I do not think this has shown enough strength yet at these levels to warrant a long, however, I am eying this level to show strength by gapping back up into this rectangle, or getting rejected - probably having to retest the (almost) 11-year trend line again:
Will continue to add to this as time goes on...
Feel free to let me know your thoughts, or share any input you have on the fundamental or technical side of things - love to learn and grow with everyone!
This will likely take 2-3 months to pan out, but it could be a once in a decade setup, whichever way the market decides to push it. Keep your eyes open on this one.
-From ATH of 274.66 in Jan 2018
-To a short term low of 137.78 in Oct 2019
As you can see, on the monthly chart, we have now touched the (almost) 11-year trend line from 2009:
Transports have been getting the worse end of the stick for a while, and it is right around the holidays - when a lot of shipping happens. I don't want to have a bias either way here yet - but, I can tell you that this is an important zone. You can either expect large buyers to start refueling in this zone, or at least testing the waters.
However, from a fundamental standpoint, $FDX has gotten worse in this time frame - and if large buyers don't step in here, you're likely to see another large down wave.
To zoom in a bit, here is where we are on the weekly:
As you can see, we have touched the (almost) 11-year trend line in a tweezer bottom ever so slightly, and have been looking for direction since in this rectangle.
From this chart, I think it's important to note:
-All 3 of the last large red weekly candles have had the highest volume since 2009,
-2 of these weeks recorded all-time high volumes
I do not think this has shown enough strength yet at these levels to warrant a long, however, I am eying this level to show strength by gapping back up into this rectangle, or getting rejected - probably having to retest the (almost) 11-year trend line again:
Will continue to add to this as time goes on...
Feel free to let me know your thoughts, or share any input you have on the fundamental or technical side of things - love to learn and grow with everyone!
This will likely take 2-3 months to pan out, but it could be a once in a decade setup, whichever way the market decides to push it. Keep your eyes open on this one.
Comment:
We are getting very close to what appears to be the convergence of the 200D EMA, the top of this descending wedge, and either the top or bottom of this consolidation range.
I would be very surprised if in the following 4-6 weeks after this was not a sizeable (+/-8%) move in either direction once the market comes to this boiling point on $FDX.
I would be very surprised if in the following 4-6 weeks after this was not a sizeable (+/-8%) move in either direction once the market comes to this boiling point on $FDX.
Comment:
If support is to hold on this 11-year trend line, and resistance is to break on the 1-year down trend, I expect the price action to look something like this over the next 12 months:
This price action reflects previous S/R levels and gaps that have yet to be filled.
This price action reflects previous S/R levels and gaps that have yet to be filled.
If it closes above both, I will open long.