Keep an eye on FedEx (FDX).
After gapping from about $308 to $253.50, the stock is just starting to pivot higher. It’s also starting to pivot from over-extensions on RSI, MACD and Williams’ %R. From its last traded price of $273, we’d like to see a near-term gap refill at $308.
The stock is also pushing higher with the port strike.
The idea is that demand for air freight could jump with the strike. Right now, according to Investopedia, “Following months of stalled negotiations over a new labor contract, members of the International Longshoremen’s Association are reportedly planning a walkout beginning Tuesday. The expected labor action by the 47,000-member union would disrupt activities at some of the country’s biggest ports and cause rippling impacts throughout the economy.”
They also noted that, “Analysts at investment banking firm Stifel said companies with air freight capacity—including FedEx and logistics rival United Parcel Service (UPS)—are positioned to benefit from a potential dockworker strike as shippers turn to the skies to sidestep the affected port facilities.”