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Fedex double top

By Colin Twiggs
April 16th, 2012 9:00 p.m. ET (11:00 a.m. AET)

These extracts from my trading diary are for educational purposes and should not be interpreted as investment or trading advice. Full terms and conditions can be found at Terms of Use.


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.

Fedex


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~ F. Scott Fitzgerald (1925)

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