New Rally High for FedEx Corp (NYSE: FDX)
Says Market Timer Frank Kollar
December 9, 2009 (FinancialWire) (By Frank Kollar)
FedEx Corp (NYSE: FDX) gave guidance for earnings of $1.10
a share for the fiscal second quarter, exceeding its previous
forecast of 95 cents a share. The news prompted a 2.7%
rally on Tuesday, December 8.
The advance propelled share prices above the 61.8% retracement
and resistance level for the entire 2008 bear market decline.
This forecasts a run to at least the next resistance level.
For FedEx, the next resistance level and target for this
rally is at $92.00 a share. This was the September 16,
2008 bear market rally high.
If FedEx breaks above that level, look for $98.65 a share,
the May 1, 2008 bear market rally high.
The $115 to $120 level was where FedEx topped out before
the bear market began. FedEx needs to top the two levels
discussed above. If it does, a run to the old highs is
possible.
The http://www.fibtimer.com Stock
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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