FedEx Has Become Ridiculously Overbought at Resistance

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FedEx (FDX) had an incredible year.

In fact, since Jan., the FDX stock ran from about $170 to a high of $271.38. And while it could push even higher, it’s likely to drop first.  Not only is it struggling at triple-top resistance, it’s overbought on RSI, MACD, and Williams’ %R. From current prices, we believe it could pull back to its 200-daya moving average around $240 initially.

We also have to consider there haven’t been any upgrades on FDX, price hikes, deals, or any new substantial news events that are driving it higher. That, and the stock appears exhausted at overhead resistance. Again, before FDX potentially pushes higher, we’re likely to see it drop.

FDX last traded at $271.38 – down about 83 cents on the day.