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