Fedex Corporation’s stock (FDX) rose in the intraday levels, touching the resistance of the 50-day SMA, amid the dominance of the downward correctional short-term wave, with negative divergence from the RSI after reaching overbought levels compared to the stock’s movements.

Therefore we expect the stock to return lower, targeting the pivotal support of 235.80, provided the resistance of 255.63 holds on.

Expected trend for today: Likely Bearish