FedEx and the Falling Wedge 📈

FedEx FDX 📦 gave the falling wedge look back in January 2022—after it failed to break-through trendline resistance.

Since then, it's been an easy stock to watch bounce around and consolidate into a more defined falling wedge, threatening to break trendline support throughout the month of April. After signaling an inverse head and shoulders coming into May, it was a reliable trade up to 225 resistance before failing victim to the three black crows—right back to trendline support on June 13. 📉

The catalyst was an announcement of a 53% raise of the quarterly dividend that sent a big gap up over 218 resistance/support through 225 to test the very top of the falling wedge trendline. Closing near the highs around 231 resistance will provide room for a breakout, however, it would be better to see a few days of consolidation above 225 before confirming the breakout—on volume—over 231.

Depending on what comes out from the Federal Reserve meeting on Wednesday, June 15 will either send this into full breakout mode or send this back toward 218 support.

Keep this one on the top of your radar.