FedEx could fall another 7% before stabilizing, says technical analyst $FDX (via TradingNation)
as the stock sits near lows not seen since March 2016, says JC O'Hara, chief market technician at MKM Partners.
"If you look at the chart over the last year, it's been in a pretty defined downtrend," O'Hara said Wednesday on CNBC's"What I get pretty bearish about [is] if I take a step back and I look at a longer, weekly chart going back to 2013, … the viewers can clearly see there is a major top pattern that has formed."
"That top pattern ... is a distributive pattern, and it has bearish implications," O'Hara said. "To me, I don't see real support kicking in until [$]130." "I would avoid this stock until at least we see some stabilization closer to the $130 level," he said.
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