• Fedex reversed from key resistance level 316.30
• Likely to fall to support level 310.00
Fedex recently reversed down from the key resistance level 316.30 (top of the previous impulse wave (i)) – intersecting with the upper daily Bollinger Band.
The downward reversal from the resistance level 316.30 started the active short-term corrective wave (iv) – belonging to waves 5 and (3).
Given the bearish divergence on the daily Stochastic indicator – Fedex can then be expected to fall further toward the next support level 310.00 (low of the previous corrective wave (b)).