FedEx Corp (NYSE: FDX) Testing Resistance Says Market Timer Frank Kollar
August 19, 2008 (FinancialWire) (By Frank Kollar)
Shares of FedEx Corp (NYSE: FDX) reached strong resistance at $88.50 in early August and over the next week fell back. A second attempt at this level was made last Friday, August 15 and again, FedEx is pulling back after reaching this level.
FedEx needs to surpass this level in the next several days or faces a potential correction that could last several weeks or more. If resistance is broken in short order, expect FedEx to make a strong run to its prior rally highs just below $100 a share.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has a position in FedEx Corp .
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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