FDX (Falling Wedge Pattern)
Updated
FDX has broken out of this falling wedge / bull flag pattern on the daily in addition to breaking the 200MA again, right at previous resistance turned support. It has also broken structure to create a higher high. NYSE:FDX
Trade Idea: Wait for pullback & retest of the red wedge resistance line & 200MA to show they have turned support and begin the formation of new higher low w liquidity run then enter for a long swing / LEAPS play to ride the price back up to the previous supply zone then watch for break and hold of that zone.
Entry: TBD (Will update)
Targets: $254.80, $264.85, $279.28, $299.37
SL: $194.25
Disclaimer: This is not financial advice as I am not a financial advisor. DO NOT blindly follow anyone and leverage money that you cannot afford to lose without proper knowledge to back your decision making.
Trade Idea: Wait for pullback & retest of the red wedge resistance line & 200MA to show they have turned support and begin the formation of new higher low w liquidity run then enter for a long swing / LEAPS play to ride the price back up to the previous supply zone then watch for break and hold of that zone.
Entry: TBD (Will update)
Targets: $254.80, $264.85, $279.28, $299.37
SL: $194.25
Disclaimer: This is not financial advice as I am not a financial advisor. DO NOT blindly follow anyone and leverage money that you cannot afford to lose without proper knowledge to back your decision making.
Comment
Watch for close of daily candle 6/29/22GAP has filled and daily candle is currently rejecting/bouncing off of 200MA and wedge resistance turning support.
Entry can be before close of day to start scaling into position but ideally you want to wait for more confirmation such as a buying indicating bullish candle in the following days.
SL can be moved to a more conservative position at $221
Dennis Butler Jr.
Disclaimer
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