After an ugly reaction to its earnings report this past quarter, FedEx's stock has seen some bullish volume and a pattern that suggests it is ready to fill the earnings gap.
The high volume runup in early May caused the stock to run hard into resistance at 102.50, where sellers stepped in and took profits-- those sellers were most likely those who had been carrying the stock since "buying the dip" on the earnings breakdown.
Since that move, the stock has been consolidating, with buyers stepping in just below 99. The fact that the stock hasn't been able to sell off further than that has been a bullish sign. This consolidation has left the stock churning and different buyers are setting up-- those that are looking for higher prices.
The first price trigger was 101, which it breached Monday. If the stock can get and hold above 102.50 it will most likely fill its earnings gap at 106.46 and possibly overshoot to retest 52 week highs. This is where those fresh buyers will come in and take profits.
This analysis, of course, is all based on the assumption that market correlations stay low and that the transport index doesn't get hit very hard. No upside volatility in oil would help remove some uncertainty, as well as proxy strength in UPS.