Fedex tries to recoup some losses - Analysis - 23-09-2022

Fedex Corporation's stock (FDX) rose in the last session after the company decided to raise shipping costs for land and air services and to  cut costs, after withdrawing its full-year forecasts last year, triggering concerns about the company, with the stock now rising 0.84%, or 1.29 points, settling above 154.54, with trading volumes surpassing 10.2 million shares, above 10-day averages of 7.4 million shares. 

Technically, the stock is trying to recoup some recent losses while venting off oversold saturation in the RSI, amid the dominance of the downward correctional short-term trend, with negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the support of 130.00, provided the current support of 158.40 held on.

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Expected trend for today: Bearish