Friday September 21st, 2018 by Mike Paulenoff FDX-- Notwithstanding its earnings miss reported Monday evening, which pummeled the stock from 259 to 239, my bigger picture view indicates that all of the action this year-- from the Jan. all-time-high at 274.66 through the June corrective low at 222.44 up into the Sep., pre-EPS high at 259.25-- is part of a high level digestion period in the aftermath of the powerful, relentless bull trend from the Jan. 2016 low at 119.71 to the Jan. 2018 high at 274.66. As such, the high level digestion period that has spent all of its time in the upper 30% of the prior bull move should be considered a bullish digestion zone that when complete, argues for upside continuation. At the moment, key support at this week's post-EPS low-zone at 240 down to 238.64 must contain any forthcoming weakness to avert downside continuation that tests the dominant 2-3/4 YEAR up trendine, which cuts across the price axis in the vicinity of 233 next week. For an intermediate term investor, as long as the 2-3/4 year up trendline remains intact, FDX is ok to hold in anticipation of upside continuation that points to 300, especially if the transport and delivery companies get some relief from lower oil prices. Last is 247.82/93Mike Paulenoff is author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com *Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.