Fedex Corp Stock Code FDX.NYS
Outlook
Price may have reached its correction peak at $187.04. Price was unable to move above the cloud resistance and has since closed below the Conversion line. Price, below the cloud is a sign of a bearish trend and with MACD upward momentum weakening; there is a high chance of a price decline. There was a gap lower in price 2 days ago on high volume. Yesterday, price tried to close this gap unsuccessfully. Price should not move above $183.80 or the bearish scenario would be negated. Currently, price is sitting on the upward sloping trend line from 26th Dec low. If price breaks this trend line support, it is likely to accelerate its decline.
Strategy
$180.25 Short Sell
$171.25 Price Target
$184.25 Risk Management Stop
2 weeks Trade Duration
Devon Energy Corp Stock Code DVN.NYS
Outlook
Price broke above the cloud two days ago and yesterday price stayed above the cloud. Price also broke a recent high resistance at $27.92 and managed to close above this resistance for 2 consecutive days. Both Conversion and Base lines have a bullish crossover earlier. This bullish trend was confirmed by a bullish MACD. MACD has turned bullish and is rising, hinting of further price advances. We think price can rally to $33.30 which is the Fibonacci 38% of the 6-month price decline starting in July 2018. There is one price resistance at $29.17. A move above this resistance would accelerate a price rally towards $33.30.
Strategy
$28.10 Trading Buy
$33.20 Price Target
$26.30 Risk Management Stop
2 weeks Trade Duration
