160 or 162.50 May 2k 5 Put sale or could consider a bull put spread. 200 SMA is a nice support along with $163.46 AO 4/29/15
If you look at our chart of monthly FDX, the big picture hasn't changed, long term the rally is not over and once current correction is done, FDX will move back above 184. I just don't know now if the sideways action is still a bullish triangle or a bearish one. Both are possibles. Corrections are complex patterns. As long 166 holds, the current labeling holds...
FDX appears to be moving sideways in a bullish contracting triangle that should lead to new high pretty soon. Over or not, current price action is choppy and sure looks like as a series of "three's" better labeled as a running triangle ( or a bullish flag ).As triangles precede the last move up within a wave, that would mean once FDX breaks out on the upside one...
I am showing you a nice monthly chart of Fedex not to demonstrate my labeling skill but only to make one point : The bulls are running the parade and it's not over yet. Some might argue that one stock is not a good proxy for the overall equity market but a rising tide lift all boats and I found that stocks with the right look can often be used as a warning signal ...
Expect FDX to open at 168 for a Retest Gap. Watch for close support and resistance. To learn to trade this strategy for free, go to www.RealLifeTrading.com