$FDX – Fedex is approaching a key 13-month support trendline. For those of you who use moving averages – the 100 day MA. Fedex may be getting sold off due to broad retail weakness. However, the transition from brick and mortar to online commerce should benefit shippers like Fedex and UPS. Oil prices staying low also help lower shipping costs. Watch $FDX for a bounce play as it nears $187 support.
$CNCE – Concert has traded in a narrowing range since spiking in early March. The ticker flooded twitter on Wednesday March 22nd as technicians pointed to a possible breakout over 18.50. A lot of traders got caught buying into the false break. Possibly a couple consolidation days before making the real move. $CNCE should move higher. Looking for a long entry at the support trendline.
$XBIT – Pretty straight forward on this chart. Stock has ramped from $9 to near $20 and is heading into long term resistance levels just over $20. The stock is heavily shorted with 25% of the float is held short. Good risk/reward setup forming on the weakly chart. Lots of bag holders $21-$25 range that may look to get out at breakeven. Will look to get a starter s/s position on $XBIT when it ticks over $20.