FedEx (FDX) shares traded sharply lower Friday after the logistics giant 澳洲幸运5官方开奖结果体彩网:trimmed its full-year outlook amid soft demand and uncertainty over the potential impact of the Trump administration’s tariffs in the industrial sector.

During the shipper’s 澳洲幸运5官方开奖结果体彩网:earnings call, CEO Raj Subramaniam said demand weakness continued to pressure higher-margin 澳洲幸运5官方开奖结果体彩网:business-to-business volumes, adding that fewer shipments and lower weights in the company’s freight business compressed results. In December, the transportation bellwether announced plans to 澳洲幸运5官方开奖结果体彩网:spin off its Freight division.

FedEx shares had fallen 12% since the start of the year as of Thursday’s close and 5% lower over the past 12 months, in part, weighed down by concerns that 澳洲幸运5官方开奖结果体彩网:competition for 澳洲幸运5官方开奖结果体彩网:market share with rival United Parcel Service (UPS) could lead to a 澳洲幸运5官方开奖结果体彩网:price war amid a backdrop of economic uncertainty.

Below, we take a closer look at FedEx’s 澳洲幸运5官方开奖结果体彩网:weekly chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify m▨ajor price levels worth watching for now.

Ascending Channel Breakdown

FedEx shares broke down below the lower trendline of an 18-month 澳洲幸运5官方开奖结果体彩网:ascending channel in early February, with the price continuing to trend lower ahead of the company’s earnings report.

More recently, selling in the stock slowed near the closely watched 200-week moving average, though the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) co♕ntinues to indicate weak price momentu⭕m with a reading below the 50 threshold.

Let’s identify several major 澳洲幸运5官方开奖结果体彩网:support and resistance levels on FedEx’s cha✃rt that in🍃vestors may be monitoring.

Major Support Levels to Monitor

The first lower level to monitor sits around $223. The shares could find support in this area near a trendline that links the prominent October 2021 trough with the March 2022 澳洲幸运5官方开奖结果体彩网:countertrend high and May 2023 pullback low.

The bulls’ inability to defend this important level opens the door for a drop to the 澳洲幸运5官方开奖结果体彩网:psychological $200 level. Bargain hunters may seek 澳洲幸运5官方开奖结果体彩网:entry points in this region near the May 2022 澳洲幸运5官方开奖结果体彩网:swing low.

Key Resistance Levels to Watch

During upswings in the stock, investors should initially watch the $267 level. This area, currently just below the ascending channel’s lower trendline and 50-week moving average, may provide overhead resistance near a 澳洲幸运5官方开奖结果体彩网:horizontal line that links a range of 澳洲幸运5官方开奖结果体彩网:price action on the chart extending back to the January 2022 澳洲幸运5官方开奖结果体彩网:swing high.

A more significant recovery effort could see FedEx shares revisit the $300 level. Investors who have purchased the stock at lower prices may look for 澳洲幸运5官方开奖结果体彩网:profit-taking opportunities in this location near a series of peaks that formed on the chart between late 2020 a▨nd November.

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As of the date this article was written, the author does not own any of the above securities.