Shares in package delivery giant FedEx (FDX) moved sharply higher ahead of Wednesday's opening bell after the company 澳洲幸运5开奖号码历💦史查询:topped Wall Street’s quarterly earnings estimates and provided an optimistic outlook, as it undergoes a broad cost-cutting plan.

Below, we take a look at the FedEx chart and identify key 澳洲幸运5开奖号码历史查询:technical levels to watch out for.

Rangebound🧸 Conditions Leading Into Quarterly Results

Zooming out to the weekly chart, FedEx shares have remained mostly rangebound within a channel since the 50-week 澳洲幸运5开奖号码历史查询:moving average (MA) crossed above the 200-week MA to generate a 澳洲幸运5开奖号码历史查询:golden cross pattern in early October last year. 

Retracements over this period have generally found support around the 200-week MA positioned near the channel’s lower trendline. Moreover, these 澳洲幸运5开奖号码历史查询:pullbacks correspond with 澳洲幸运5开奖号码历史查询:relative strength indicator (RSI) re🐻adings ju꧋st below 50, indicating neutral conditions. 

More recently, the delivery company’s shares have traded within a narrow 6% range over the past six weeks on below-average volume, increasing the likelihood of a significant move post-earnings. Indeed, the shares sit positioned to open sharply high on Wednesday after the🍌 company’s better-than-expected quarterly re♐sults.

FedEx share𓄧s were up nearly 14% at $292.00 in pre𓂃market trading.

Levels to Watch Following Post-Earnings Pop

Following the stock’s earnings-driven pop, investors should monitor if the price can close above the channel’s top trendline around $285, a moveꦫ that c🔜ould lead to ongoing buying in upcoming trading sessions.

To determine a potential 澳洲幸运5开奖号码历史查询:price target, investors can use the 澳洲幸运5开奖号码历史查询:measuring principle. We do this by calculating the distance between the channel’s upper and lower trendlines in dollars and applying that amount to the breakout point. In this case, adding $55 to $285 projects a $340 price target. Using this technique provides an indication of where the stock may be headed next if the upward momentum continues.

It's also worth keeping in mind that the stock may encounter selling pressure around its 澳洲幸运5开奖号码历史查询:all-time high (ATH) set in May 2021 at $319.90. 

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