Fedex Wave Analysis – 04 March, 2020

• Fedex broke key support level 140.00
• Likely to fall to 128.00

Fedex recently broke below the key support level 140.00 (which stopped the extended downtrend at the start of October, as can be seen below).

After breaking the aforementioned support level 140.00 made a failed attempt to break above this price level – giving a strong sell signal.

Given the strong overriding downtrend that can be seen on the daily Fedex charts  – the price is likely to fall further toward the next support level 128.00 (target price for the termination of the active impulse wave 3, interesting with the daily down channel form July).