![\"fedex,](\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2010\/07\/062710fedex.png\")
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The FedEx Corporation or the FDX<\/a> in the New York stock Exchange is one of the major logistics company in the world. Like the UPS which I presented a few days back (kindly check my previous blog here<\/a>) also gapped up following an upbeat earnings forecast. The shares of FedEx jumped by 4.5% to $82.58. The company now sees its earnings to expand to somewhere between $1.05 and $1.25 per share for its first fiscal quarter ending Aug. 31 which is up by at least 58 cents per share compared to a year earlier. The revaluation estimate is now also higher than the previous forecast of 85 cents to $1.05 per share. Given FDX\u2019s robust forecast and UPS\u2019 stellar earnings, its apparent that the global logistic business is gaining speed which also suggest that the global trade is now recovering very well.<\/p>\n As a result of FDX\u2019s upbeat outlook, its shares gapped up and in the process also broke out from an inverted head and shoulders pattern. It likewise moved past several key resistances like the 50-day moving average, 200-day moving average, and the 82.50 mark. Given yesterday\u2019s price action, FDX is now suddenly on track to previous support at $90.00. The level also corresponds to its upside target by projecting the height of the inverted head and shoulders from the point of breakout. In case it weakens, the 82.50 support and the 200-day MA are still there to keep it from falling any further. A break of these supports, though, could send it back down to 80.00 or even down at the bottom of the gap.<\/p>\n