EarningsBeats.com Digest for March 19, 2021
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FedEx (FDX) Appears To Be Back On Track With Earnings
After the closing bell on Thursday, FedEx Corp (FDX) released its quarterly results and they were much better than expected, with both revenues and EPS easily beating Wall Street's consensus estimates. FDX had struggled in recent months after ending a huge pandemic-related uptrend in 2020. In the past few weeks, however, FDX had climbed back above its key moving averages and we've seen its PPO clear its zero line (blue circle) as well:
At last check, FDX was up approximately 6% in after hours trading. While there's always the potential for FDX to fall back and fill its gap, the latest strength is making FDX's consolidation since that 2020 top look like a cup. A cup with handle pattern is a bullish continuation pattern, so further gains by FDX to reach that 2020 high would
represent completion of that cup. Ultimately, a potential breakout would measure the depth of the cup, or roughly 65 points. Adding that to the breakout level near 300 would suggest a target of 365. Now keep in mind I'm getting way ahead of myself here, assuming that the rest of the cup will form. But during secular bull markets, I look for bullish patterns and a cup certainly seems to be a real possibility here for FDX.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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