Fedex spikes - Analysis - 27-06-2022

Fedex' stock (FDX) spiked after reporting its fourth quarter profits, matching estimates, with the stock surging 6.62%, or 15.11 points, and settling at 243.24, with trading volumes surpassing 8.3 million shares, above 10-day averages of 4.7 million shares. 

The stock is buoyed by piercing the downward short-term trend line, buoyed by trading above the 50-day SMA, with positive signals from the RSI despite reaching overbought levels. 

Therefore we expect more gains for the stock, targeting the important resistance of 266.80, provided the support of 219.36 holds on.

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Expected trend for today: Bullish