- Technical Market Commentary -

June 17, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.)– Shares of Fedex Corp (NYSE: FDX) sold off almost 5% on Wednesday, June 16 after an earnings report that did not meet investors expectations. Fedex has lost over 20% in the April to May market decline, almost twice the loss realized by the overall market. With share prices closing on Wednesday at $78.07, Fedex is only a few percent from breaking its correction lows at $76.03.

Should Fedex trade below and close below $76.03 in coming days, prices could very well be headed for a test of $71.78 a share. If we hold here and move higher, look for a close above $83.00 a share to forecast an advance to the $84.42 level.

There does not appear to be a great deal of upward potential for this stock, and the most likely direction in coming weeks is to the downside.

(Go to http://www.financialwire.net/2010/05/10/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby+cmmtry for more of Kollar’s commentaries.)

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