FedEx Stock: Will Quarterly earnings fuel the rally in FDX Stock

• FedEx Stock Price (NYSE: FDX) up by 30% on YTD basis.
• The FDX Stock Price holds a 50 and 200 day EMA showcase uptrend.
• FedEx Corp beat the EPS estimate but missed the revenue estimates.

FedEx Stock Price (NYSE: FDX) up by 30% on YTD basis and approaching the 52 week high. FDX Stock Price performed very well in the past few months and generated a decent return for its investors. 

FDX Stock displayed a golden crossover and EMAs sloping upward denotes prices are in strong uptrend. However, From the past few months FedEx stock is consolidating in the wide range between $214.00 to $235.00. 

Buyers seem to be preparing for range expansion which will take the price to the fresh 52 week high. On a higher time frame, FDX Price is rising upward by forming higher swings which is boosting the confidence of buyers. 

FedEx Corp released quarterly earnings on June 20, 2023. It reported an EPS of $4.94 and revenue of $21.9 Billion. FedEx beat the EPS estimate by 1.77% but missed the revenue estimate by 2.86%. 

The stock prices might react negatively for a short period of time. However, till $211 support is sustained the sell off will be easily absorbed. 

FedEx Stock Price closed the previous session on $231.65 with an intraday decline of -0.78%. The market capitalization stands at $58.23 Billion.

Will FedEx Stock hit fresh 52 week high soon

FedEx Stock is near to crucial resistance and pre-open session shows mild gap down open is possible. The 50 day EMA will act as an immediate support for the bulls and responsive buyers may come forward to defend the support. 

If FDX price drops below the EMA then the bear might drag it down to the lower range of consolidation. Well, on the other hand, If FDX prices bounce back sharply then the possibility of reaching the 52 week high will substantially increase. 

The next phase of the rally in FedEx Stock will begin when buyers are able to break the $248 hurdle. The technical analysis suggests FedEx Stock is in positive momentum but minor profit booking might be visible due to quarterly earnings.

FDX Stock tried to break the higher range

FDX Stock price tried to break the higher range of consolidation in the previous week. But due to the uncertainty of quarterly earnings the breakout failed and prices are reversing down. 

The broader market index Dow Jones, Nasdaq Composite and S&P 500 have turned bullish. If the index performs well in the coming month then it may positively impact the FedEx Stock as well. 

The MACD curve is rising upward and intersects the moving average line positively. It indicates the bulls dominance on the stock. The RSI at 57 sloping down denotes price might cool off from the overbought territory.

Conclusion 

FedEx Stock Price (NYSE: FDX) performs well in 2023 up by 30% on YTD basis. It might react negatively for a short period of time due to disappointment in revenue estimates. 

Technical analysis suggests, FDX stock is in uptrend and minor sell off will be easily absorbed.

Technical levels

Resistance levels: $240.00 and $248.00

Support levels: $214.00 and $204.00

Disclaimer

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