June 21 Chart of the Day - FedEx
FedEx (FDX) was trading lower in after market hours following its June 20th earnings release and statement.
The global express package delivery company missed on revenue forecasts but beat on earnings. So what could that mean for the stock price?
Well if its weekly up trend continues it could simply mean just another higher low before possibly making a higher high as price has been stair stepping higher since its $141.92 low last fall.
Yesterday the stock closed at $231.65 but was trading lower in after hours activity reaching an overnight low of $214.21.
Based on price action technical analysis and zooming into the daily chart, this could provide investors and traders an area of interest to create a new long position or add to an existing position in the $208 to $213 zone.
If that zone doesn't hold then price could sell off to the $180 - $190 area and still be technically intact to continue its uptrend.
If the FedEx bulls remain in control of this chart they could be eyeing $235, $251, $280 levels as potential upside targets.
Sort of like noticing price action on a chart.
So what's next?
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Supply/Demand Zones,
- Change Control Zones
Take a look at the charts and let us know what you think.
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