Although earnings guidance for the quarter ending Nov 30 was nothing to celebrate, FedEx shares have held up relatively well in comparison to those of companies that have disappointed in the last two weeks. Bulls are in fact working on a couple of patterns that point confidently higher, the larger of them to 104.00. Does this perhaps augur a strong holiday shopping season even as the country slips into statistical recession? That’s one possibility, although we might also see buyers abort the several bullish patterns here, relapsing into synchronicity with a stock market that has turned weak.
