Fedex recently broke through the multi-month resistance trendline which has been reversing the price from April of 2019 – as can be seen below.
The breakout of this resistance trendline continues the active short-term impulse wave C of the ABC correction (B) from last October.
Fedex is likely to rise further in the active waves C and (B) toward the next resistance level 163.90 (top of the previous wave (b)) – the breakout of which can lead to further gains toward 167.60 (top of the earlier correction A).
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