Price broke below the cloud in the previous trading session, hinting at a bearish price trend. A bearish Engulfing candlestick price pattern reinforced the bearish trend. Conversion line and Base line had a bearish crossover and is hinting at a bearish price trend ahead. Lagging Span is below price of 26 days ago but is above the cloud at the moment. MACD is hinting at a bearish price trend. If price is unable to move above the cloud, it could be heading towards the support at $200.45 in the next 2-3 weeks
Price closed above the cloud in the previous trading session, changing the chart outlook from bearish to bullish. A closing of the gap is also a hint of a change of trend direction. Conversion line and Base line had a bullish crossover and is hinting a bullish price trend. Lagging Span is above price of 26 days ago but is below the cloud. MACD is bullish with both its lines above the zero line. MACD is hinting at a bullish price trend. If price can stay above the cloud, it could be heading towards the previous resistance at $271.76.
Outlook Price broke above the cloud last Friday and managed to close above the cloud. Last Friday’s breakout could signal the end of a price correction starting from the high of $304.20 on 9 December 2020. Conversion and Base lines had a bullish crossover earlier, hinting of the bullish price trend. Lagging Span is above price of 26 days ago but below the cloud, hinting of a weak bullish trend. MACD has turned bullish with both lines above the zero line. Both of MACD’s lines are also moving higher. We think price could test the gap resistance at $285 within the next 2-3 weeks.
Price fell below the cloud after its CFO warned that “slowing international macroeconomic conditions and weaker global trade growth trends continue, as seen in the year-over-year decline in our FedEx Express international revenue.” Price is now below the Conversion and Base lines as well as the cloud, hinting of a bearish trend ahead. MACD is turning bearish and Stochastic is about to turn down. Unless price is able to close the gap created yesterday, price is likely to decline lower.
Price attempted to close the gap but was unable to break below the support at $159.60. There was also a cloud support nearby. While price is below both Conversion and Base lines, price is above the cloud, hinting of a bullish trend. If price can stay above the cloud and the big gap, it should try the high again. Yesterday, price managed to move higher despite the overall market weakness. While MACD is showing signs of bearish divergence, the strong trend could override the divergence signals.
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.
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.
