April 15, 2010
Shares of Fedex Corp (NYSE: FDX) climbed 3.3% during Wednesday’s stock market rally, outperforming the major index’s by some 2%. In after hours trading shares continued to gain.
Few noticed but last week shares of Fedex broke above its September 2008 bear market rally high at $92.00 a share. This set the stage for Wednesday’s advance and also forecasts more gains in coming weeks.
Fedex should reach its May 2008 bear market rally high of $98.65 in coming days. That will be another important test and of course the round number of 100 is just above it.
If Fedex can close above $100 a share, look for this rally to test its all-time highs all the way up at $120.00 a share in coming months. This is 27.7% above Wednesday’s close.
Disclosure: The Fibtimer.com (www.fibtimer.com) Stock Timing Strategy holds a position in Fedex Corp.