Fedex Corporation's stock (FDX) skidded in the intraday levels after the mail company reported less-than-expected quarterly results, while withdrawing its full-year forecasts, with the CEO expecting the global economy to get into recession in all major sectors, with the stock swooning 21.40%, or 43.85 points, becoming the worst performing on the S&P 500, and settling at 161.02, with trading volumes surpassing 34.2 million shares, above 10-day averages of 5.3 million shares.
The stock pierced the pivotal support of 192.80, amid the dominance of the downward correctional trend in the short term, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI.
Therefore we expect more losses for the stock, targeting the support of 130.00, provided the current support of 158.40 holds on.
Expected trend for today: Bearish
Wheat price returns to decline to attack the bullish channel’s support line, motivated by stochastic negativity, which supports the chances of turning back to the negative scenario that its initial targets located at 818.00 followed by 790.00, making the bearish bias suggested in the upcoming sessions unless breaching 862.00 and holding above it.
The expected trading range for today is between 830.00 support and 875.00 resistance.
The expected trend for today: Bearish for the rest of the day
Soybean price bounced bearishly after approaching 1470.00 level this morning, which supports the continuation of the expected bearish trend scenario for today, which targets 1440.00 followed by 1402.10 levels as next main stations, taking into consideration that the continuation of the bearish wave depends on the price stability below 1470.00.
The expected trading range for today is between 1420.00 support and 1480.00 resistance.
The expected trend for today: Bearish
Corn price resumes its negative trading now, motivated by the negative overlapping signal provided by stochastic, waiting for more decline to visit 660.70 level that represents our next main target, reminding you that it is important to hold below 685.20 to continue the expected decline.
The expected trading range for today is between 665.00 support and 686.00 resistance.
The expected trend for today: Bearish