• Fedex reversed from resistance level 294.00
• Likely to fall to 280.00
Fedex recently reversed down from the key resistance level 294.00 (which stopped the sharp uptrend in the middle of October) standing close to the upper daily Bollinger Band.
The downward reversal from the resistance level 294.00 stopped the earlier short-term upward impulse waves (iii), 3 and (5).
Given the strength of the resistance level 294.00 and the – Fedex is expected to fall further toward the next support level 280.00 (support trendline of the daily up channel from June).
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