FDX had trended up huge since the mid 1990's, however it has formed a top wherein it was unable to crack the 120 level...due to the huge spike in OIL basically...Has now fallen below that SUPPORT line...
WEEKLY
FDX was moving sideways after the big move up in 2005, and spent 2 years between 120 and 100...Finally broke hard under the midline...Could be due for a near term bounce higher...
DAILY
FDX has been trending doen on the DAILY chart...Finally fell out of bed below the midline of the declining channel and clear out of the bottom of the green support line...Could mean further declines...Could mean a false breakout to the downside...
SHORT-TERM
FDX gapped down sharply and is trying to find a near term bottom around the 91 level...If it holds, we are good for a rally up to the bottom of the gap at least...if it fails 91 then more downside ahead...With OIL dropping I would think upside for now...
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