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Byline: JONAH KERI
FedEx has formed a base-on-base pattern the last six weeks. The stock gapped above its 50-day moving average last week and has since edged slightly lower in quiet trade, a bullish sign.
The air and ground shipping giant posted year-over-year sales growth of 21% last quarter following four straight quarters of single-digit growth. Earnings swelled 45%. The Transportation-Air Freight group ranks a strong 12th among the 197 industries tracked by IBD.
FedEx sports an A- Accumulation/Distribution Rating, which shows more buying than selling among institutional investors.
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