FedEx (FDX) Sitting on Lateral Support and Key Fib

Andrew Nyquist

technical analysis, stock chart analysis, stock charts, technical chart, chart analysisBy Andrew Nyquist
Apparently FedEx (FDX) didn’t get the money printing memo. Since topping out at multi-month resistance this past spring, FDX has traded heavy… especially of late. The stock has dropped back to the .382 Fibonacci retracement level and magnetic lateral support area.

FDX investors and economic indicator watchers, should keep an eye on this key support level. Note, however, that these levels tend to bring additional tension so investors need to be aware of the possibility for a shakeout.

Trade safe, trade disciplined.

More Charts here.

fedex, fdx, stock chart, technical support, stock analysis, fibonacci support

FedEx (FDX) stock chart as of September 21, 2012.  FDX technical support and resistance levels with key fibonacci retracement. FDX technical analysis.

———————————————————

Twitter:  @andrewnyquist and @seeitmarket     Facebook:  See It Market

No position in any of the securities mentioned at the time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.

NOT INVESTMENT ADVICE – PLEASE READ INVESTMENT DISCLAIMER.