Is the 10-year bull market for FedEx about to end? Odds are high we will find out soon!
This chart looks at FedEx (FDX) over the past 12-years. It has spent the majority of the past 10-years inside of rising channel (1).
It hit the top of this channel in January of 2018, as resistance came into play. Since hitting resistance, it has lost nearly 50% of its value.
The 50% decline has it nearing the bottom of its 10-year rising channel at (3). Pre-Market trading this morning at $151 per share.
Until broken, the bottom of this channel comes into play as a strong support test!
If the bottom of this channel is taken out, odds increase the 10-year bull market for FDX has come to an end.
Keep a close eye on what this important delivery company does in the next few weeks as it tests 10-year rising support!
