Shipping It Out

Recently, the high beta tech and the biotech stocks have been taken down. As the market continues to retreat, look for different sectors being taken down. Here are couple shipping stocks that appears to be in the initial phase of rolling over; FDX & UPS.

FDX:

Weekly chart highlight the possible double top pattern (similar to an inverted cup & handler)



The daily chart shows FDX could dip down to test the support level near 129.40.




The other shipper UPS is also showing sign of breaking down.

UPS:

The weekly chart depicts the long term rising trend line



From the daily chart, one can see the price has broke below the long term rising trend line and is in the process of retesting the trend line