FDX appears to be moving sideways in a bullish contracting triangle that should lead to new high pretty soon. Over or not, current price action is choppy and sure looks like as a series of "three's" better labeled as a running triangle ( or a bullish flag ).As triangles precede the last move up within a wave, that would mean once FDX breaks out on the upside one...
I am showing you a nice monthly chart of Fedex not to demonstrate my labeling skill but only to make one point : The bulls are running the parade and it's not over yet. Some might argue that one stock is not a good proxy for the overall equity market but a rising tide lift all boats and I found that stocks with the right look can often be used as a warning signal ...
Expect FDX to open at 168 for a Retest Gap. Watch for close support and resistance. To learn to trade this strategy for free, go to www.RealLifeTrading.com