Approaching Resistance - FedEx

Published on Tuesday, 31 January 2012 21:20 Written by Danny Miller

New York, January 31st (TradersHuddle.com) - Shares of FedEx Corp. (NYSE:FDX) are trading very close to calculated resistance at $93.52 with the current price action closing at just $91.49 placing the stock near levels that make it difficult to buy.

FedEx Corp. (NYSE:FDX) delivers packages and freight in multiple countries around the world. The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, and customs brokerage services.

FedEx's current stock range is defined by current calculated support defined at $76.95 and by the resistance level at $93.52, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for FedEx, as the stock is well above support, however, as the stock pulls back towards $76.95 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $93.52 then traders will get an opportunity to enter FedEx stock by establishing a position as the stock moves to a higher range.