Disclaimer: Steelman's Technical Charts are my own amateur interpretations of technical charts and for informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. Steelman's Technical Charts assume no responsibility for your trading and investment results.
Sunday, March 13, 2011
FDX Keep a Eye On it Bearish Signal
Keep a eye on FDX it has a bear flag forming with the flag coming into 2 averages that are very close together creating a heavy resistance area. Maybe this is one peace of the puzzle to tell us where the S&P next move is.
The other part of this puzzle is FDX has just pulled back from a double top so maybe this bear flag is telling us its getting ready for the second leg down. FDX is one stock I don't trade but like to watch to give me a idea of what the economy is doing. Because they move many goods for many corporations its a good indicated for the general market.
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