Bellwether transport stock Fedex completed a double top reversal with a break through the neckline at $88. Retracement found resistance at $90 and reversal below the original neckline at $88 would signal a primary down-trend. Follow-through below Tuesday’s low would confirm. Bearish divergence on 13-week Twiggs Money Flow warns of strong selling pressure. A primary down-trend on Fedex normally warns of slowing activity in the broader economy.
Nice example of divergence. The range from the low between the tops to the top is likely to be doubled from the top going down, do you agree giving a target on the downside of of around 79?
Thanks for sharing this. James
Yes. A target of 79.
the only thing that prevents economy from a deep crash are the rampant capital owners because their money has to be investet at all cost. The situation today has nothing to do with the real situation of the economy worldwide, because patient is in intensive care and global monopoly has to come to an end mathematically. As sooner the failure comes better bearable for us all, and my trading target for fedex is a strong sell. Every pullback caused by demented bulls shoud be interpreted as a good opportunity to add short positions.