The package-delivery giant FedEx (NYSE: FDX) stock have fallen more than 12% since the last earnings announcement. At the time of writing, the $FDX stock trading was almost 3% lower in the pre-market trading. The stock reached a fresh 52-week high of $320 on May 21st, 2021.
While considering the recent sell-off I believe the stock can get its momentum back if the company reports better-than-expected earnings results. FedEx reports its fiscal 2022 first-quarter earnings on Sep. 21 after the market close. The company is expected to post quarterly earnings of $5 per share and revenues are expected to be $21.9 billion. FedEx has generated both higher revenues as well as higher earnings during the most recent quarter, its fiscal Q4.
The short-term resistance is located in the area of $260, a break above $260 will confirm a possible move to the $265 and $270. On the downside, if the stock loses the $245 handle, then we expect a move toward $235.
In the long term, watch for the important breakout at $230 and $280, which will give a larger confirmation of direction in the long term.
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