Charts to Watch: FDX, CGC, CHK and more
FedEx Corporation (FDX), covered in our Stock Waves Charts of the Day Video, has recovered very nicely following the post-earnings drop that we predicted last month. We should expect price to at least continue on towards a measured move target at the 100% Fib extension at $178 to finish off circle wave C on the chart.
Canopy Growth Corporation (CGC) is moving higher in circle wave C on the chart. Its initial pop off the December low was wave i of C, the pullback was wave ii, and it's now filling out wave iii. It still could get a little higher from here, up to around $25, before a wave iv consolidation. That pullback should hold in the $22 region, followed by one more high at the 100% Fib extension at $27.50.
Chesapeake Energy Corporation (CHK) is pulling back in wave (c) of circle b. It does look like it may drop below the 61.8% extension down to the 76.4% extension, so I've set a stop under the November low looking for a great risk-reward play for the circle c wave back up in the bigger wave 4 at around $1.40.
Also covered in our Charts of the Day Video are DIS, CTL, LYFT, EEM and AMZN.