United Parcel Service, Inc. (UPS) is surging on FedEx Corporation (FDX) rumors involving Bill Ackman's Pershing Square and a possible deal. Both stocks are up substantially with FedEx coming into a major gap fill at $106.50.
Three Trends Of Note
The key here is to look at UPS and note three major trend line top levels that coincide at the $91 level. With so many major resistance points in this range, a pull back becomes an obvious conclusion.
Note the chart below.
Gareth Soloway
Chief Market Strategists
www.InTheMoneyStocks.com