FedEx Corp Bottomed On September 27 And Is Now Trading Around Its Annual Pivot At $217.88. Here’s How To Trade It Now
FDX has a pe/e ratio of 10.80% and a dividend yield of 2.25%, according to Macrotrends. The package delivery company beat earnings-per-share estimates in its last two quarters after missing estimates in the prior three quarters.
FedEx popped higher last Thursday on their better-then-expected earnings report. They hiked their forward guidance despite a challenging outlook for the US economy. Back on February 2, FDX announced additional job cuts, which was viewed as a positive for the stock.
The daily chart for the FedEx
Courtesy of MetaStock Xenith
The daily chart for FedEx shows a huge decline from a high of $319.90 set on May 27, 2021 to the low of $141.92 on September 27, 2022. There was a death cross formation set on September 16, 2021, when the 50-day simple moving average fell below the 200-day simple moving average.
On August 26, 2022 the 50-day SMA rallied to kiss the 200-day SMA. This test failed to result in a golden cross and shares of FedEx plunged to the low of $141.92 on September 27. The stock rebounded to its quarterly pivot at $187.77 on January 9, 2023. After trading around this key level, the stock popped above its 200-day SMA at $195 46 on February 1, 2023.
This led to a near test of the annual pivot at $217.88 on February 2. After this, the stock traded down and around its 200-day SMA at $195.46 before rebounding to its annual pivot again on March 17.
The horizontal lines from bottom to top are the; semiannual and monthly value levels at $143.97 and $152.93. The higher two lines are the quarterly and annual pivots at $187.77 and $217.88.
The weekly chart for FedEx
Courtesy of MetaStock Xenith
The weekly chart for FDX is positive but overbought with the stock above its five-week modified moving average of $206.80. It’s also above 200-week simple moving average, or ‘reversion to the mean’ is $209.16. The 12x3x3 weekly slow stochastic reading is overbought at 81.43, on a scale of 00.00 to 100.00 where readings above 80.00 are overbought and readings below 20.00 are oversold.
Trading Strategy: Buy FedEx on weakness to its 200-week and 200-day simple moving averages at $195.45 and $209.16. Reduce holdings on strength to its June 24, 2022 high of $248.75.
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