Fedex Corp (NYSE: FDX) Sells Off Says
Market Timer Frank Kollar
June 17, 2010 (FinancialWire) (By Frank Kollar)
Shares of Fedex Corp (NYSE: FDX) sold off almost 5% on
Wednesday, June 16 after an earnings report that did not
meet investors expectations.
Fedex has lost over 20% in the April to May market decline,
almost twice the loss realized by the overall market.
With share prices closing on Wednesday at $78.07, Fedex
is only a few percent from breaking its correction lows
at $76.03. Should Fedex trade below and close below $76.03
in coming days, prices could very well be headed for a
test of $71.78 a share.
If we hold here and move higher, look for a close above
$83.00 a share to forecast an advance to the $84.42 level.
There does not appear to be a great deal of upward potential
for this stock, and the most likely direction in coming
weeks is to the downside.
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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