We here at Schaeffer's were all over the FedEx (FDX: sentiment, chart, options) news this morning, so I thought we could check back in with the dean of delivery and see what is going on with the shares. The day's rally continues, as the stock is nearly 4% higher, and it's trying to take out the 88 level in the process. The day's high stands at $88.68, which was tagged in the early moments of trading. Since then, the shares have dropped and were battling with the 88 level.

This level acted as resistance for a good part of the afternoon; can it now switch roles and act as support? We shall see. I would consider a close above the 88 level a good sign, as it could allow this previous level of resistance to act as support. Also, watch for more potential upside, as signaled by a bullish cross completed by FDX's 10-day and 20-day moving averages. This technical formation could hint that there is further upside. However, will it be enough to overcome the 90 level? We may soon find out.