Upcoming Earnings

FedEx Corporation (ticker: FDX) is scheduled to report earnings after the market closes on 19 September. The consensus earnings per share (EPS) estimate for the fiscal quarter ending August 2024 is US$4.87. The reported EPS for the same quarter a year prior was US$4.55.

Ichimoku Cloud Support

You can see that price action recently rebounded from the Ichimoku Cloud (comprised of the Leading Span A [light green] at US$286.68 and the Leading Span B [light orange] at US$294.00). Taking into account that the trend in this market has been largely higher since bottoming out in late 2022, this could be something that fuels additional buying.

The concern for buyers within the Ichimoku Cloud will likely be that the Leading Span A recently crossed below the Leading Span B. Another concern may be that the Conversion Line (blue at US$286.62) recently moved beneath the Base Line (red at US$286.73).

Price Direction

For buyers to commit, they will likely want to see price engulf the high of US$299.31 (26 August [grey box]). The Conversion Line crossing back above the Base Line would also likely increase confidence in buyers.

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