Fedex Corporations stock price (FDX) fell in the intraday levels, after bumping into the resistance of the 50-day SMA, while gathering positive momentum to pierce that level, with positive signals from the RSI despite reaching overbought levels, accompanied by a surge in trading volumes.

Therefore we expect the stock to return higher, targeting the resistance of $265.50, provided the resistance of $254.30 was breached.

Trend forecast: Likely Bullish