Overnight Buy Scalp: Federal Express (FDX) suggests a short-term bottom

Rationale: FDX has been strongly selling off this week due to profit-taking and earnings sentiment. On the 30 min chart, the technicals are suggesting a short-term bounce up to the 30 min EMA (108.16). Momentum (30 min MACD) is diverging higher while ADX numbers appear to have peaked. Also, daily RSI numbers are very oversold.


Target: 108.16 (30 min EMA)
Stop: 106.50 (below today's low)