Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0FedEx Corporation (NYSE:FDX) (Closed: $123.26, Up: 2.65%) opened flat just to gather momentum immediately and kept rallying for the rest of the session before it faced some profit booking at the higher levels. The opening price was the same as the day low which shows immense bullishness. The volume surged to 4 million against an average of 2 million supporting the upmove.<\/p>\n
The stock was in a secular bull market for about 17 years when it rose to a height of $121.42 from the 1990 bottom of $7.37. The crash of 1998 and the bear market of 1999 \u2013 2001 turned out to be mere blips in this amazing rally. But it could not escape the wrath of the vicious bear market of 2008 in which the stock lost about 80% of its entire gain made in the previous decade and tested the 2001 bottom at $33 levels. The bounce back was equally swift and the price reached the major swing high of $97.75 by 2010. The next correction took the form of an Irregular Flat, where even the correction made a new high. This type of correction implies tremendous strength by nature. It was confirmed when the price rallied to make a new life high in 2013 after the Flat ended at $64.07 in 2011.<\/p>\n
The Wednesday move brought a daily close above the 2007 top of $121.47. The current rally from the 2011 bottom will achieve equality with the previous major rally at $127.80. It will also achieve the pattern implication target of the Inverse Head & Shoulder at $129. So, despite the waves currently showing that the third minor wave of the third major wave is going on now and a lot more may come, the $128 – $129 zone remains an important area to keep an eye on.<\/p>\n
Investors could book partial profit near the $128 – $129 zone and hold the rest with a trailing stop loss.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0FedEx Corporation (NYSE:FDX) (Closed: $123.26, Up: 2.65%) opened flat just to gather momentum immediately and kept rallying for the rest of […]<\/p>\n","protected":false},"author":9,"featured_media":10365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3455,3454,1924,1462],"stock_ticker":[],"class_list":["post-10364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-fdx","tag-fedex-corporation","tag-fedex-corporation-nysefdx","tag-nysefdx","entry"],"acf":[],"yoast_head":"\n