2024-02-21 09:00:00 ET
Summary
- FedEx has no likely fundamental catalyst in the near term.
- The structure of price on its chart paints a downside pattern as probable going forward.
- Where might this assumption for FedEx be wrong? We discuss how we track and project this stock and others.
By Levi at Elliott Wave Trader; Produced with Avi Gilburt
Arriving at a sell rating for FedEx (FDX) is not a whimsical conclusion. It is based on a crossover of fundamental analysis along with our unique methodology that is used to measure current sentiment. FDX lacks a clear fundamental catalyst in the near term. Along with this, the picture as projected by sentiment agrees. Let's get into the why and what is likely next....
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For further details see:
FedEx: Lacking A Fundamental Catalyst, This Giant Likely Has Farther To Fall (Technical Analysis)