Fedex pierces main downward trend line - Analysis - 15-06-2022

Fedex's stock (FDX) spiked 14.41% in the last session, or 28.97, settling at 229.95, with trading volumes surpassing 13 million shares, above 10-day averages of 2.8 million shares, after reporting a spike in quarterly profits by 53% to $1.15 from 75 cents, with earnings up 10% to $23.64 billion.

The stock is gathering positive momentum after leaning on the support of the 50-day SMA, while the RSI reached oversold levels compared to the stock's movements, hinting at positive divergence, while piercing the main downward short-term trend line. 

Therefore we expect more gains for the stock, targeting the resistance of 266.79, while settling above 219.36. 

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Expected trend for today: Bullish