Today's technical analysis will be on FedEx. In the image above, you can see a rather unfamiliar indicator below the candlestick chart. That's a Stochastic indicator that visualizes the momentum of the movement. When the blue line crosses over the orange line at the bottom of the oscillation, it indicates the momentum shift to a bullish trend, and you can see this indication of a trend reversal in the indicator above.
Furthermore, you can see that the bounce at the lower trendline occurred at the golden Fibonacci level. It is always important to employ confluence trading where you combine more than one trading technique to further strengthen the analysis and odds of winning.
Looking at the weekly level, you can see that the candlestick has not only bounced at the lower trendline but also at the demand zone, so we can view it as a strong support zone.
Using a Fibonacci timezone, we can expect the candlestick to touch the lower line at the next blue line and has taken 6 weekly candles to reach the upper trendline. Moreover, we can use the previous support zone as the next target. Therefore, where the upper trendline, 5 weekly candles away from the last candle, and the demand zone meet will be our price target.
Stoploss will be when the breakdown of the lower trendline gets confirmed.